Volvo registers 155% growth in 2012 in car luxury segment

Last Updated: Wednesday, January 9, 2013 - 23:01

Coimbatore: Volvo has achieved a 155 percent growth in India during 2012 in the luxury car segment, a top company official said on Wednesday.

"Volvo has sold 811 units in Indian market, which was 155 percent more than 2011, even as the penetration of luxury segment has gone up from less than one percent to 1.3 percent," Volvo Auto India pvt Ltd Managing Director Tomas Ernberg told reporters here.

The company has targeted a growth of 50 percent in 2013, to sell 1,200 units, as it witnessed a year-on-year growth in market share of one percent in 2011, three percent in 2012 and expected four percent in 2013, he said.

"Volvo aims to achieve a 15 percent market share in the luxury segment by 2020 and want to sell at least 20,000 units by then," Erneberg said.

As far as launch of new 'Volvo V-40 Cross Country,' is concerned, he said the car would be test run in India in April and the customer delivery would be in June 2013 and the prices would be fixed in the intervening months.

Asked whether there would be any decrease in the prices of Volvo cars, after signing the expected Free Trade Agreement (FTA) with European Union, Ernberg said FTA or not, there would not be much impact on the prices.

On plans to set up a manufacturing plant in India, the official ruled out any such plans and said the Company is setting up two manufacturing units in China, which is a very huge market than India.

Ruling out the launch of Diesel-Hybrid cars in India, where the company has released 1,000 in other markets, in the near future, Ernberg said the launch of electric cars was also dependent on the infrastructure availability and also the reduction in the cost of batteries in India.


First Published: Wednesday, January 9, 2013 - 23:01

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