By The electric vehicle segment in India is growing at a good pace and Volvo is planning to capitalize on it. In a recent announcement, Jyoti Malhotra, Managing Director of Volvo Cars India, revealed the company’s ambitious plans to introduce two new electric SUVs, the EX90 and EX30, by 2025. Building on the success of its existing electric offerings, the XC40 Recharge and C40 Recharge, Volvo aims to double its electric vehicle portfolio, catering to the growing demand for sustainable mobility solutions in India.
Malhotra emphasized Volvo’s strategic focus on local assembly, highlighting the brand’s dedication to enhancing domestic manufacturing capabilities. This move not only underscores Volvo’s commitment to the Indian market but also reflects its proactive approach towards aligning with local regulations and preferences. The increasing popularity of electric vehicles is evident from Volvo’s sales figures, with EVs constituting 28 per cent of the company’s total sales in 2023. This trend is expected to soar, with Volvo projecting EV sales to comprise up to 33 per cent of its total sales in 2024. Malhotra’s optimism stems from the strong adoption of EVs, particularly in the luxury segment, which outpaces the mass-market segment by a significant margin.
Looking ahead, Volvo anticipates a paradigm shift in the Indian automotive landscape, with EVs projected to constitute 50 per cent of luxury car sales by 2030. The company’s vision aligns with its commitment to becoming a fully electric brand by 2030, signalling a transformative journey towards sustainable mobility solutions. In line with its commitment to customer-centricity, Volvo has embraced a direct-to-customer sales model for its electric vehicles. This approach reflects Volvo’s agility and responsiveness to evolving consumer preferences, laying the foundation for a seamless transition towards electric mobility in India.
