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The Volvo Group has announced the launch of Volvo Financial Services Southern Africa. Volvo Financial Services (VFS) is the global finance arm of the company.

Volvo introduces local finance armAccording to president of the Volvo Group in Southern Africa, Torbjörn Christensson, VFS Southern Africa will provide financial services to customers, including the UD Trucks, Volvo Bus, Volvo Trucks and Volvo Construction Equipment brands. “This is what we need to sell trucks – we need finance,” he says.

VFS was formed in 2001 and is headquartered in North Carolina in the USA. The company manages a net credit portfolio of more than R213-billion, providing customer-financing in over 45 countries. One in three units sold in the Volvo Group globally is financed by VFS.

Initially, VFS will only be available in South Africa, but Volvo aims to make it available to customers across Southern and Eastern Africa, as these product markets continue to develop. Jens Winkelmann, VFS South Africa country manager, says that the Volvo Group regards South Africa as a top strategic market and the gateway to South and East Africa.

“The South African truck market is an extremely competitive environment and we, therefore, see a great opportunity for VFS, as a captive financial solution provider, to present our customers with a customisable transport solution,” Winkelmann says. According to him, South Africa was selected as a VFS market as Volvo trucks and UD trucks have a combined truck market share of 25%.

Despite the fact that the group continues investing in the local market, the industry was disappointed to learn that Volvo’s new liquified natural gas (LNG) and biogas trucks will not be available in South Africa for the foreseeable future. The new trucks have the same performance, driveability and fuel consumption as Volvo’s diesel-powered models, but their CO² emissions are 20%–100% lower compared with diesel, depending on choice of fuel.

The Volvo FH LNG and FM LNG trucks are available with 420hp or 460hp for heavy regional and long-haul operations.

Despite the fact that these trucks will not be available locally yet, Volvo Trucks has reduced the emission of air pollutants from new Volvo Trucks currently on sale in South Africa considerably and decreased fuel consumption as well as the overall impact to climate. “With the development of these products, Volvo Trucks reiterates its commitment to become the most preferred sustainable transport provider,” Joe Pretorius, brand manager at Volvo Trucks South Africa told the media.

Image credit: https://www.linkedin.com/in/torbj%C3%B6rn-christensson-6b59b078/

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