In three years, 8 out of 10 cars of Volvo Car India are expected to be electric. This is the plan that the Swedish luxury carmaker, Volvo Cars, has in mind as it tries to ride the electric car trend.
This segment is expected to adopt battery electric vehicles much faster than the mass-car segment. This is in keeping with the parent company’s goal to become a pure electric firm before the end of the decade.
Volvo currently sells India the XC40 Recharge, which was launched in July. The company plans to introduce one EV product every year for the next five years, according to a top official. The company would launch the C40 Recharge in the year 2023.
“We will be launching one EV (electric vehicle) offering every year and have the ambition to have 80% of the total sales coming from electric cars by 2025,” Jyoti Malhotra, managing director (MD), Volvo Auto India, told Business Standard.
Volvo is the smallest luxury car manufacturer in India in terms of volume. It sells an average of 1,700-1,800 cars annually. Volvo’s annual sales are expected to reach 5,000 units by 2025.
It launched the model year 2023 range, which includes a compact luxury SUV, XC40, a luxury sedan S90, XC60, and XC90. These introductions complete the company’s transition to petrol mild hybrids. The company stated that it is closer to Volvo Cars’ sustainable mobility goal.
Electric cars are in the lowest tax bracket due to the goods-and-services tax (GST), which is 5% They are exempt from any registration fees or road tax. Luxury carmakers have been able to add the latest electric models to their global range.
Volvo intends to introduce other EV models in India. Malhotra stated that the company “passed on all of the benefits from local assembly to customers.”
He pointed out that the luxury segment will see a rapid transition to electric as long as owners of cars are willing to do so. All future models will be either petrol hybrids or pure electric.
