Volvo India, completely owned subsidiary of Swedish automobile manufacturer, Volvo, has announced that they will be launching their premium hatchback, V40 in India by March 2013. Volvo V40 was first unveiled at the 2012 Geneva Motor Show earlier this year. In India V40 will arrive by March 2013 with a price tag of approximately INR 25 lakhs.
At the time of unveiling V40, Stefan Jacoby, President and CEO, Volvo Car Corp., said, “The all-new V40 is the first new model that is fully developed according to our human-centric, Designed Around You strategy. Charged with an outstanding set of high-tech features it definitely will give our toughest competitors a headache.”
In India, Volvo V40 will compete with the Mercedes Benz A Class and B Class, and BMW 1 Series hatchback. Volvo India MD, Tomas Ernburg told PTI earlier this Friday that India is a very big market. “Volvo India wants to be No.1 in India in the luxury segment and aims to capture 15% market share by 2020 and would sell 20,000 cars then. It would gradually increase to 30,000 in 2025,” he said.
Tomas revealed these details in Coimbatore, where he was present to open one of the Volvo showrooms in the country. Other cities that have Volvo showrooms include, Chnadigarh, Chennai, Delhi, Hyderabad, Kochi, Mumbai and Pune.
Volvo India had a market share of just 1% last year in the premium segment, which according to Tomas will increase to 3% this year. Global production will also be ramped as they are planning to increase their output from present 400,000 to 800,000.
Volvo will increase their production sites to 43 by 2020, from current 12 by 2020 in order to capture the luxury car market by 2020. Volvo would commence operations at their plant in China next year and plans of building a plant in India are gaining momentum.
Volvo cars are considered as the safest. They build cars focusing on the fact that in case of any kind of accident, the passengers and drivers inside the Volvo do not suffer with their life.