Volvo to release EVs in India and not sell diesel-based cars
ECONOMY & POLICY

Volvo to release EVs in India and not sell diesel-based cars

Martin Persson, head of Volvo Cars for the Asia Pacific (except China) region, stated that Volvo Cars would only introduce electric cars in India from now on and would not sell petrol and diesel-powered vehicles in the market beyond the 2030 deadline. He informed ET that the new products they intend to bring to the market will be electric. He emphasised that Volvo still maintains internal combustion engine products, which they consider competitive for customers who prefer them, clarifying that their intention is not to eliminate these options. However, he reiterated that the future direction towards electric vehicles is evident.

Globally, Volvo Cars plans to transition entirely to electric vehicles by the end of the decade. In India, where the company currently achieves approximately 25% of its sales from electric vehicles, it was noted that the electric car market is still small but growing rapidly. According to Volvo, as more electric vehicles are introduced, new customers will emerge, thereby accelerating adoption.

Volvo Cars aims to introduce one new electric vehicle annually over the next few years to capitalise on this rapidly evolving market. The first model scheduled for launch is the EC30 in 2025, followed by the high-end EC90. Executives mentioned that a timeline for the flagship electric model's launch will be announced soon.

Persson observed that the Indian market's evolution parallels that of Japan and Korea, where electric vehicle sales currently remain limited at around 2%. He pointed out that, while the penetration of electric vehicles in the luxury segment exceeds that of the mass market, the overall share of electric vehicles in India's luxury car market stands at about 7%.

Jyoti Malhotra, managing director of Volvo Car India, highlighted that the company commands a 22-23% share in the luxury electric vehicle market with its current two models, expressing confidence that this share will expand with the introduction of the EC30.

Regarding the potential for growth in India's luxury vehicle segment, Persson remarked that the country is one of the fastest-growing markets for Volvo in the region, driven by the increasing number of millionaires. He affirmed that Volvo is actively assessing the Indian market to determine the appropriate actions for further growth, which could include industrial measures or other initiatives.

Persson noted that Volvo Cars India, among others, is evaluating the government's Scheme for Manufacturing of Electric Cars introduced earlier this year. However, the company has not yet decided whether to participate in the scheme.

Martin Persson, head of Volvo Cars for the Asia Pacific (except China) region, stated that Volvo Cars would only introduce electric cars in India from now on and would not sell petrol and diesel-powered vehicles in the market beyond the 2030 deadline. He informed ET that the new products they intend to bring to the market will be electric. He emphasised that Volvo still maintains internal combustion engine products, which they consider competitive for customers who prefer them, clarifying that their intention is not to eliminate these options. However, he reiterated that the future direction towards electric vehicles is evident. Globally, Volvo Cars plans to transition entirely to electric vehicles by the end of the decade. In India, where the company currently achieves approximately 25% of its sales from electric vehicles, it was noted that the electric car market is still small but growing rapidly. According to Volvo, as more electric vehicles are introduced, new customers will emerge, thereby accelerating adoption. Volvo Cars aims to introduce one new electric vehicle annually over the next few years to capitalise on this rapidly evolving market. The first model scheduled for launch is the EC30 in 2025, followed by the high-end EC90. Executives mentioned that a timeline for the flagship electric model's launch will be announced soon. Persson observed that the Indian market's evolution parallels that of Japan and Korea, where electric vehicle sales currently remain limited at around 2%. He pointed out that, while the penetration of electric vehicles in the luxury segment exceeds that of the mass market, the overall share of electric vehicles in India's luxury car market stands at about 7%. Jyoti Malhotra, managing director of Volvo Car India, highlighted that the company commands a 22-23% share in the luxury electric vehicle market with its current two models, expressing confidence that this share will expand with the introduction of the EC30. Regarding the potential for growth in India's luxury vehicle segment, Persson remarked that the country is one of the fastest-growing markets for Volvo in the region, driven by the increasing number of millionaires. He affirmed that Volvo is actively assessing the Indian market to determine the appropriate actions for further growth, which could include industrial measures or other initiatives. Persson noted that Volvo Cars India, among others, is evaluating the government's Scheme for Manufacturing of Electric Cars introduced earlier this year. However, the company has not yet decided whether to participate in the scheme.

Next Story
Infrastructure Urban

Gurugram to Launch Real-Time Waste Collection App in August

The Municipal Corporation of Gurugram (MCG) plans to introduce an app in August that will provide residents with real-time information about waste collection services. Developed by a private firm, the app will allow residents to track the live location of waste collection vehicles, receive updates on expected arrival times, and monitor the vehicles' proximity to their homes. A research team from a private university in Gurugram has been tasked with identifying features to enhance the app's efficiency and transparency in waste management. Their findings, expected within 15 days, will be reviewe..

Next Story
Infrastructure Transport

South India's First Double-Decker Flyover Opens for Trial Run

South India's first double-decker rail-cum-road flyover was partially opened for a trial run officials announced. Deputy Chief Minister and Bengaluru Development Minister D. K. Shivakumar conducted a 'trial walk' on the newly built flyover, which extends from Ragigudda to Central Silk Board and forms part of the Yellow Line of the Bengaluru Metro. Transport Minister Ramalinga Reddy and other officials also participated in the event. Constructed by the Bangalore Metro Rail Corporation Limited (BMRCL) at a cost of Rs 4.49 billion, the flyover is currently open for vehicular movement on only one ..

Next Story
Infrastructure Transport

GMDA to Reconstruct Key Gurugram Road and Build Flyover

The Gurugram Metropolitan Development Authority (GMDA) announced plans to reconstruct a major master sector dividing road from the Dwarka Expressway junction with Sector 86 Road to IMT Manesar at a cost of ?600 million. This road, currently in severe disrepair, will pass through Sectors 84/88, 85/89, 86/90, and 87/92. Additionally, GMDA will build a ?590 million flyover at Dadi Sati Chowk in Sector 86. "The road will be reconstructed similar to Rampura Road, and the tender for this has been floated," stated Arun Dhankhar, GMDA's chief engineer. Special repairs for major roads across Gurugram a..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000