Volvo announced today that the company sold a record of 2,638 units in calendar year 2018 in India. Registering a staggering 30 percent year on year increment in growth over 2,029 units sold in 2017. The majority of this increment was credited to XC60 and newXC40 SUV’s. Volvo surpassed the growth in numbers of vehicles sold in year 2017 within the first 10 months of 2018. Marking volumes of 2,194 units (up 40 percent) during the same period of company’s timeline.
Volvo continues to remain a niche segment in India when compared to German rivals. Despite of registering substantial growth, the company finds hard space to compete with the likes of Mercedes Benz, BMW and Audi. However, the German manufacturers saw a flat rate of growth this year, with barely hitting any substantial growth rate in India. Factors such as rising interest rates, depreciation of the rupee and rising costs of import have weighed on volumes from these brands.
The Swedish manufacturer however is focusing hard on safety and the ability to price its vehicles competitively, despite some being a full import , the company persists on maintaining the persistence of luxury appeal associated with the brand.
The car maker are now gearing up to launch the all new S60 in India. The S60 will go up against the likes of BMW 3 Series, Audi A4 and Mercedes C Class. The S60 will be launched with updated norms and will see daylight towards the end of 2019. Volvo is also committed in providing a plug in hybrid for its flagship SUV XC90 and is planning to locally assemble the same at its plant based in Bangalore towards the end of 2019. Additionally, company as announced for launching plug in hybrids across its line up and upcoming models which has been deconstructed broadly into next three consecutive years. The company also promises to showcase an all new electric model which will come to India somewhere in 2023.