The company is considering India for future production and export bases and anticipates continued growth in the luxury EV sector, driven by the right product mix, ecosystem development, and financial options.
Volvo Car India is setting its sights on a green future, expecting 33% of its 2024 sales to come from electric vehicles (EVs), up from 28% in 2023. The company achieved significant growth last year, selling 690 EVs out of a total of 2423 cars, marking a 31% increase in overall sales. With the XC40 and C40 models, Volvo was the second-largest EV brand in India in 2023, capturing over 24% of the luxury EV market segment.
Jyoti Malhotra, Managing Director, Volvo Car India, shares the company’s plans to introduce new variants and expects the launch of the EX30 and EX90 models in 2025 to further increase EV sales. The company aims for a complete transition to electric vehicles by 2030, aligning with its global commitment.
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Volvo Car India expects 33% of its sales to be EVs in 2024