India clocks 12 pc rise in deal volume in Jan-Oct, China sees 23 pc decline
India saw 11.9 per cent increase in deal volume (year-on-year) in the January-October period, bucking the overall trend in the Asia-Pacific region, a new report has said.
Swedish luxury carmaker Volvo Cars aims to launch a range of products in India, including a fully electric vehicle next year, as part of its plans to double market share in the country by 2020. The company, which sold 2,029 units in the country last year, has a market share of around 5 percent in the Indian luxury car segment.
“Our game changer would be an array of electrified cars that would be propelled by hybrids, plug-in hybrids and even a full electric which we plan to launch in India soon after its global launch in 2019. We are intending to be leaders in the e-luxury space,” Volvo Auto India MD Charles Frump told PTI.
Volvo has an ambition of having one million electrified cars on road by 2025 across the globe and expects India to also contribute towards that target, he added.
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“The focus right now is towards diversifying our product portfolio with hybrid and electrified options,” Frump said.
The company, however, will also continue to bring in conventional models in the Indian market. It plans to launch a new version of its compact luxury SUV – XC40 this year.
“By 2020, our portfolio in the country will be complete with all kinds of products like SUVs, sedans and luxury hatchbacks,” he added.
Frump said the company’s roadmap is very clear in India with plans to bring in new products, ensuring enhanced brand engagement and experience for its customers and spreading its dealership network to increase reach substantially.
“Our segment share is 5 percent and we intend to double the share to 10 per cent by 2020,” he added. Volvo Cars is very much on track to achieve the target after having registered record sales and a robust 28 percent growth in 2017, Frump said.
In order to realise its sales target, Volvo Cars is also in the process of doubling its sales network in India over the next two years. The automaker currently has 18 dealerships across the country.
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