Volvo to launch new model next year
New Delhi: Swedish carmaker Volvo will introduce a new global model in the first quarter next year.
The company is also looking at capturing 15 per cent share of India's luxury segment by 2020, selling over 20,000 units a year by then, a top official of the company said on Tuesday.
"India is very important for us and our headquarters also recognises this. Though we are present here for some years now, but our plan is to grow step-by-step. We are targeting 15 per cent market share of the luxury segment here by 2020," Volvo Auto India Managing Director Tomas Ernberg told reporters.
As per estimates, the luxury car segment is likely to reach 1.5 lakh units a year by 2020. "We are targeting to sell over 20,000 units in India every year till then," he said.
Volvo Auto India sold 320 units last year and is aiming to sell 800 units in 2012, Ernberg said.
He said the company is targeting to be in the top three positions of the Indian luxury market, currently controlled by the German majors- BMW, Mercedes-Benz and Audi.
Ernberg said the company is aggressively looking at the number game and wants to become a major player here.
"Our plan is to be in the top three positions by 2020, and this means that one of the existing three players will be out of its place," Ernberg said.
In the coming years, the influence of the German brands will decrease significantly with emergence of new premium players like Jaguar Land Rover, Porsche and Lexus, he said.
"Lexus has just announced its plans to enter India and this will be a player to look at. Besides, JLR has a strong support from Tata Motors. I think, these players will be very important in Indian luxury car market by 2020," Ernberg said.
He added, "Volvo is launching a new model by the end of this year for global markets. Immediately after that, we will bring in that model to India during first quarter of 2013."
Volvo sells two luxury sedans S80 and S60, and sports utility vehicles XC90 and XC60 in the country.
Besides, the company will expand the dealership network to at least 12 by the end of next year from seven at present.
Volvo Auto India today joined hands with Professional Golf Tour of India (PGTI) to introduce 'Volvo World Golf Challenge' for the first time in the country.
"Volvo's this flagship event is already present in 25 countries. There will be seven tournaments in all the cities, where we have our dealerships, and there will be a final," Ernberg said.