Thursday, January 10, 2013
By Shilpa Chopra
Volvo cars sale increased by 155% in Indian market
It was a good year for Volvo India! The auto major has registered a whopping growth of 155% in the country last year. This information was made official by Volvo officials today. The company has managed to sell 811 units in the Indian car bazaar, which is 155 percent more than what was sold in 2011. Even the penetration of luxury car segment in the country has increased to 1.3 %.
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Currently, Volvo India has aimed to see a growth of 505 in 2013 and plan to sell 1200 units of Volvo cars in India. The year on year growth of Volvo in market share was 1% in 2011, while in 2012 it was 3%. The firm expects it to be 4% this year. Also, Volvo wishes to achieve about 15% market share in the luxury segment of the Indian car bazaar by 2020. It wants to sell minimum of 20000 units by 2020.
To expand its portfolio and strengthen its position in India, Volvo India might launch new Volvo V-40 Cross Country. The test runs of the car will begin in April and the delivery could be done in June 2013. The pricing details hasn’t been discussed so far, but would soon be made official to the Indian audience. When enquired about the decrease in prices of Volvo cars that is expected after signing the Free trade agreement with European Union, the officials mentioned that the prices will be more or less the same as before.
Also, Volvo India is planning to establish a manufacturing plant here, which will certainly tone down the prices of its cars substantially. Also, two plants of Volvo are currently being set up in China. Therefore, Volvo has a lot in store in its kitty for its fanatics in India and China.