Volvo Trucks North America (VTNA) and Volvo Financial Services have introduced a new Truck-as-a-Service (TaaS) business model named Volvo on Demand, aimed at facilitating the adoption of electric trucks without the need for upfront investment.
Under this initiative, “qualified customers” in the US can rent one of 25 Class 8 Volvo VNR Electric trucks, with the option to sign up for as little as 12 months and pay based on mileage driven. This approach allows customers to minimize upfront costs associated with transitioning to battery-electric trucks and to free up credit lines for other business needs.
The 25 electric trucks offered through Volvo on Demand include 20 6×4 tractors with the six-battery configuration and five 4×2 tractors with the four-battery configuration. Additionally, the TaaS model offers customers the option to bundle vehicle insurance, route planning and optimization guidance, and consultation for finding the best charging solution and available incentives.
Jared Ruiz, regional vice president of Volvo Trucks North America, noted, “With Volvo on Demand through VFS, they can gain valuable experience before making large upfront capital investments,” adding, “We see this program as the next evolution in scaling electromobility solutions by offering unmatched financial flexibility to our customers.”
The service is currently exclusive to the US and available only in areas with a nearby Volvo Trucks Certified Electric Vehicle (EV) dealership equipped to provide comprehensive support.
The Volvo VNR Electric is part of Volvo Trucks’ lineup of six all-electric heavy-duty truck models developed specifically for the North American market. Orders for the predecessor model were first accepted in December 2020, with production commencing in the second quarter of 2021 at the company’s New River Valley production plant in Dublin, Virginia.
