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Volvo Targets 10% of India’s Luxury Car Market by 2020
Volvo Car Corp., which currently claims 5% of India’s luxury car market, aims to double its share by 2020 with the help of locally produced new models.
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Volvo Car Corp., which currently claims 5% of India’s luxury car market, aims to double its share by 2020 with the help of locally produced new models.
The first of such cars, the XC90 large SUV/crossover vehicles, went into production in Bengaluru in October. Additional models—sedans and more SUVs—that will share the XC90’s “scalable product architecture” platform, will be added later.
Volvo also is introducing the midsize XC60 crossover, priced at 5.6 million rupees ($86,700), to compete with the Audi Q5, BMW X3, Jaguar F-Pace and Mercedes-Benz GLC. The company is assembling the XC60 at the Bengaluru plant from completely knocked-down kits imported from Sweden.
The brand sold a record 1,600 cars in India last year, up 32%. Sales this year are expected to climb 25% to 2,000 units. Volvo also expects to expand its dealer network from 21 outlets currently to 30 by the end of next year.
The carmaker announced in July it will launch five hybrid and all-electric cars worldwide between 2019 and 2021. The company says it will debut its first all-electric model in India by 2019 within six months of the car’s global introduction.
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