Volvo announced that it has achieved the remarkable feat of 1,000 EV sales in India on World Environment Day (June 5). The Swedish carmaker might not be in the news all the time, but it has certainly been working silently to expand its EV footprint. At the moment, it sells XC40 Recharge, XC40 Recharge Single Motor and C40 Recharge in our market. The latter is the born electric SUV, while the former EVs are conversions from their ICE counterparts. These rival the iconic Hyundai Ioniq 5 and Kia EV6 in our market in terms of pricing.
Volvo Sales in India
On World Environment Day this year, Volvo announced that it has delivered 1,000 EVs in India to date. In fact, the Swedish auto giant reported a solid growth of 31% in overall sales in 2023, in comparison to 2022. Interestingly, the electric cars constitute around 28% of total sales. That is a healthy number considering ICE cars from Volvo have been decently popular in our market for a long time. Volvo Car India has plans to launch one fully electric vehicle each year to electrify its portfolio completely by 2030. That is quite an ambitious plan.
Speaking on the occasion of marking the 1,000 EV deliveries milestone, Volvo Car India Managing Director, Jyoti Malhotra said, “This achievement is another milestone on our journey towards becoming an all-electric company by 2030. Our robust progress is a reflection of the strong customer confidence our cars command as well as our commitment to grow the luxury EV market in India.” Embracing the digital ways, the company delivered all these 1,000 EVs under the Online Direct Sales model through the Volvo Car India website.
Our View
I believe that the growth in EV sales has only commenced. As attractive government incentives prevail and the charging infrastructure is being developed rapidly, more people will be inclined to purchase EVs. At this end of the market segment, price is not a huge concern. The only thing needed is mass adoption. With time, we are witnessing a strong surge in EV sales in every segment ranging from relatively affordable EVs to high-end premium electric cars. Hence, Volvo’s ambitions might not be totally unfounded after all.
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