Volvo cars, owned by Chinese Automaker Geely, is targeting to double its Market share in India to 10% of the luxury segment in the next two years.
Luxury-car makers sold around 40,000 Vehicles in 2017 & the Swedish company expects the market to reach to 5,000 units by 2020.
- This year, it expects to sell 2,600 cars in India across its nine models, with its costliest products, the XC90 priced 78 Lakh-1.3 crores.
- German car maker, Mercedes-Benz the current market leader in India’s luxury-car Market, followed by BMW & Audi.
Volvo is betting big on Hybrids & electric vehicles to drive growth after 2020.
- The XC40 with the three variants to be priced between 36 Lakhs & 45 Lakhs, will be the cheapest SUV from Volvo in India.
The company is planning to increase its dealership network from 21 outlets to 27 this year & the new outlets will come up in Madhya Pradesh and West Bengal.
From next year, every Volvo car will have some form of Electrification – either a hybrid or full electricals & aims to sell one Million electrified Volvo cars globally by 2025.
Disclaimer: This information has been collected through secondary research and Crescendo Worldwide is not responsible for any errors in the same.
Written By: Abhilasha Kumari
( Market Report & Research Analyst)