Swedish luxury carmaker Volvo Cars is set to launch its all-electric vehicle, the C40, later this year, to have more than half its fully electric portfolio within the next two years. Currently, EVs account for about 27% of Volvo's sales, but this number is expected to grow as the market for electric cars expands rapidly. Bookings for the locally assembled C40 will start in August.
Strong Market Presence
Jyoti Malhotra, Managing Director of Volvo Cars India, highlighted that the company has already captured a 25% share of the luxury EV market in the first five months of the year with just one product, the XC40 Recharge. Volvo Cars India ranks second in the luxury EV segment after BMW India, which holds a 48% market share, according to vehicle registration data from the VAHAN portal of the Ministry of Road Transport & Highways (MoRTH).
Expansion Plans
"We are on the path to becoming the luxury e-car leader," Malhotra stated. The company plans to introduce multiple battery electric vehicles (BEVs) to strengthen its position in the evolving Indian market. Deliveries for the C40 Recharge will commence in September.
Globally, Volvo Cars aims to go fully electric by the end of the decade, introducing one new electric vehicle yearly to capitalize on the growing demand. The company targets 50% of its global sales to come from BEVs by 2025. In India, the proportion of sales from electric vehicles is expected to be even higher.
Targeting Young, Eco-Conscious Buyers
"The age profile of our customers in India is the youngest in the world, ranging from 24-40 years," Malhotra noted. "We have seen these buyers are more aware of environmental concerns and prefer electric vehicles. We expect the transition to electric to happen much faster in India."
After the launch of the C40, Volvo Cars plans to introduce its flagship model, the EX90, in the Indian market. This strategy reflects Volvo's commitment to sustainability and innovation, aiming to lead the luxury EV segment in India.
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