The luxury car segment in India is expanding as more and more car manufacturers joined the group. The Indian car market already has car makers like BMW, Audi, Mercedes Benz. Volvo has joined this small group of popular luxury car manufacturers by introducing its latest model ‘V40 Cross Country’ recently. Volvo would like to expand its presence in the luxury sector by unveiling two more models, ‘S60 and XC60’ in the last quarter of 2013.
Volvo claims that this model is luxurious, safe and ‘functional’, but the vehicle introduced in India it has only ‘D3 Trim ‘. The ‘turbocharged’ engine is ‘2-0’ Litre and has 5 Cylinders. The ‘Geartronic’ transmission is automatic.
The price of the vehnicle is Rupees twenty eight point five lakhs. The company has also unveiled its sales strategy. It is already selling above eight hundred vehciles and it wants to increase the sale to one thousand cars annually. It hopes to sell one hundred twenty ‘V40 Cross Country’ in 2013 and increase this volume to two hundred forty pieces by ‘2014’. They hope to achieve this target by giving more dealerships in the coming years. They have 7 dealers so far, and want to open ‘dealer network’ in the upcoming metros like Ahmedabad, Bangalore and Gurgaon. They hope to add four more dealers to their existing chain of network.
So far Volvo has not been able to establish a firm foot step in the market for luxury cars because it has to compete with established models like BMW, Mercedes Benz and Audi. The luxury car segment is fairly small and the competition is fierce, Volvo have priced their model at a moderate level and hope to attract the upward moving middle class sector who are in search of a moderately priced luxury car. They hope to attract more prospective buyers by a promise to introduce two more new models this year.