Kolkata: Eyeing 10 percent market share in luxury car segment in India by 2020, Swedish carmaker Volvo plans to introduce four new models in the country, a senior official said here on Friday.
"We have grown quite a bit last year and want to continue that growth. We grew 30 percent and sold 1,200 units," said Volvo Auto India managing director Tom von Bonsdorff while inaugurating the company's first dealership in the city on Friday.
"We are targetting at 10 percent segment share. Currently we have 4.5 percent segment share and with the upcoming launches and expanding dealership, the target can be achieved. India is one of the fastest growing markets for Volvo," he added.
Volvo, which started doing business in India in 2008 and competes with German brands BMW, Mercedes-Benz and Audi in India, has decided to start "focussing properly' on the country and making its presence in more cities.
"We have variants and new products. In the next two years, we will launch three to five all-new cars, besides some variants," von Bonsdorff said.
Towards this goal, the company has plans to add four new models and increase its dealership strength to 20, he added.
"We want to be on par with our German competitors, both in pricing and brand value besides improving our products to be more human-centric and safe," he said.
Incidentally, Volvo launched the T6 variant of its S60 in India earlier this month.
Besides, there are four other luxury models - V40 (luxury hatch back), V40 Cross country, XC 60 (luxury SUV), and XC90 (a 7-seater luxury SUV), followed by the sub-Rs 25 lakh car V40.