The local arm of the Swedish luxury car maker, Volvo Auto India Pvt. Ltd., has plans to launch that they are very keen to bring six new models in India this year. The coming has made up its mind to increase sales by volume and corner a 10% market share in the luxury car segment by 2020. Volvo is the only luxury auto major without a local assembly operation and is close to finalize plans for a local assembly unit.
“We can’t expect Indian consumers to know us well if we haven’t invested enough in the market. We need to change that,” said Tom von Bonsdorff, managing director at Volvo Auto India.
In 2008, Volvo entered in the Indian luxury car market, but since then the volume of sales and the market share have not shown that impressive growth like the Indian arm of German car maker Audi AG for instance, which entered the market around the same duration. Though, Volvo has been growing steadily despatching 1,423 units in 2015, raising its sales up by 18.5% from 2014. While in the same year, Audi sold 11,192 units, and Mercedes-Benz and BMW sold 13,252 and 6,812 units, respectively, according to the annual sales numbers released by these companies.
Currently, Volvo offers only XC90 SUV with a plug-in hybrid option. While in the international market, the Volvo XC90 hybrid is offered in three variants Momentum, R-Design, and Inscription that ranges approximately between Rs 42 lakh to Rs 44 lakh. The company will most likely introduce a petrol-hybrid version in India soon that will draw its power from a 2.0-litre petrol engine with an electric motor combined with it.
Tom von Bonsdorff said in order to accelerate sales in India, the company will now be aggressive with new model launches, establish a deeper connect with buyers and enhance its representation by way of entering newer cities. He also added, “We will be launching six new models in the current calendar year”. The new launches will include facelifts of existing ones such as the new V40 (luxury hatchback) and new S60, and others.