Hyderabad sources stated that Volvo Cars, owned by Chinese carmaker Geely, is targeting to double its market share in India to 10% of the luxury segment in the next two years. Meanwhile the luxury car makers sold around 40,000 vehicles in the country in 2017 and the Swedish carmaker expects the market to reach 50,000 units by 2020.
Further a spokesperson said the segment is expected to grow 15% and “we expect Volvo cars sales to go up to 5,000 units in the next two years”. Moreover this year, it expects to sell 2,600 cars in India across its nine models. Accordingly the German carmaker Mercedes-Benz is the current market leader in India’s luxury car market, followed by BMW and Audi. Volvo is betting big on hybrids and electric vehicles to drive growth after 2020. For now, it expects to get additional volumes in India from the newly launched XC 60 and the XC 40 which will be introduced in July.
The XC 40, with three variants and to be priced between Rs 36 lakh and Rs
45 lakh, will be the cheapest SUV from Volvo in India. The company will start
sales with the R Design, the costliest variant. The XC 40 will compete with the
Mercedes GLA and BMW X1 in a segment which currently witnesses sales of about
6,000 units. Volvo is targeting sales of about 1,000 XC 40 units in its first
full year after launch.
