Swedish luxury car maker Volvo Cars plan to retrofit a small SUV in the next 12 to 18 months. Through the new move, it aims to capture a high market share in the emerging electric vehicle segment of the emerging global market. In addition, they have carved out dedicated business lines to sharply focus on specific key markets such as India, ASEAN, and other Asia Pacific countries.
The global CEO of Volvo Cars has informed selected journalists that this new SUV will be unveiled in the summer of 2023. It will do well in emerging markets as it provides a new entry point. Suitable for markets such as India and ASEAN countries.
He explained that more and more emerging markets will and will adopt full-fledged BEVs. It also allows customers to choose from a wide range of products and price points, which keeps them interested. It is a great city car and also a highway car.
The new small SUV is part of the automaker’s portfolio development plan, which envisions one new model being launched each year. Volvo is one of the first carmakers to commit to going fully electric by 2030.
Last year, the Volvo XC40 Recharge was launched in India and received a very strong response from the market. According to the report, Volvo expects EVs to account for more than 40-45% of its total sales in 2023 when it launches its new electric C40 crossover in September.
Volvo Cars is on track to make 50% of its total sales of electric cars by 2025. And they plan to hit the mark with the addition of their small entry-level EV SUV and EX90 to the top of the market in the next few years.
In 2022, the company sold about 1850 cars in India. And by 2023, he plans to scale nearly 50% to 3,000 units. If we can achieve our targets as planned, we will eventually become the leader in this segment. By 2025, he expects 500,000 electric cars to be sold worldwide, and Volvo also expects its carbon footprint to drop by 40% compared to 2018.
Mr. Rowan said: Starting with Mumbai and Delhi, I think it will probably develop rapidly in many parts of the country after that, and continue to develop from city to city. In addition, the way India is governed depends on the decisions of the states in terms of budgets, etc., to become a state. As such, it may evolve over time.
When asked if the company would consider an electric vehicle manufacturing facility in India, Rowan said, “India is not a big market for us right now. Doing manufacturing is a challenge for us. We need to make sure we can supply India and non-Indian countries from this location, and we also need to look at the logistics for that and the cost advantage compared to other locations in Asia. That is if we decide to set up another manufacturing facility outside of China,” he explained.
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