Volvo Car India eyes one-third sales from electric vehicles in 2024 | Company News – Business Standard

Volvo Car India estimates that electric vehicles (EVs) will constitute one-third of its total sales in 2024. In 2023 the luxury car manufacturer recorded overall sales of 2,423 units. Electric vehicles accounted for 28 per cent of the total sales in 2023.

Electric models XC40 and C40 reported sales of 510 and 180 units respectively. The shift towards electric mobility aligns with Volvo’s aim to become a fully electric car company by 2030.

In the luxury segment of the electric vehicle market in India, Volvo holds a 24 per cent market share, securing the second position in India. BMW leads as the top player in this segment. The year 2023 saw Volvo Car India selling 690 EV units out of the total 2,423 units, marking a 31 per cent year-on-year growth.

Volvo has also officially confirmed its plans to introduce two additional electric vehicles in the Indian market by 2025. The upcoming models, namely the EX30 and EX90 electric SUVs, are set to be launched next year. Jyoti Malhotra, managing director at Volvo India, confirmed the expansion of Volvo’s electric vehicle portfolio during a media round table discussion on Tuesday. This development comes as an addition to Volvo’s existing lineup of electric cars in India, which currently includes the XC40 Recharge and the C40 Recharge electric SUVs.

Speaking on this, Malhotra stated, “The vision for Volvo is very clear: by 2030, Volvo is heading towards becoming an electric car company. This is exclusively centred around battery electric vehicles (BEVs). As we progress toward 2030, Volvo is dedicated to consistently augmenting its electric vehicle presence each year. With the addition of new car models, the goal for this year is to achieve nearly one-third of overall sales from electric cars. Looking ahead to 2025, the aspiration is to surpass this target, especially with the introduction of more car line-ups. However, the precise percentage of EV penetration can’t be stated at this point of time.”

Volvo currently operates out of 25 outlets and the company is also actively engaged in expanding its services, though the specifics of the expansion have not been revealed.

First Published: Feb 27 2024 | 7:48 PM IST