Volvo India today announced that it has sold a record 2,638 units in calendar year 2018, registering a growth of 30 percent year-on-year over the 2,029 units sold in 2017. The Swedish carmaker’s sales were led by the XC60 and the new XC40 SUVs.
Interestingly, Volvo India surpassed the number of vehicles sold in 2017 in the first 10 months of 2018, notching volumes to the tune of 2,194 units (up 40 percent) during the same period.
While 2018's significant increase in growth has come on a small base, Volvo continues to remain a niche player in India's luxury car market that is led by its German rival, Mercedes-Benz. However, it is also a luxury brand to watch out for due to its immense focus on safety and the ability to price its vehicles competitively, despite some being full imports, among other factors.
Moreover, the carmaker has bucked the trend as its German rival is expected to close the year with flat growth in sales. Factors such as rising interest rates, depreciation of the rupee and rising import costs have weighed on volumes.
The Swedish carmaker is expected to launch the all-new S60, which will take on the new BMW 3 Series, Audi A4 and Mercedes-Benz C-class, by end-2019. It recently announced plans to locally assemble the plug-in hybrid variants of its flagship SUV, the XC90, at its plant in Bengaluru by end of 2019.
Additionally, the company also said that plans were afoot to introduce four new plug-in hybrids over the next three years, along with a new all-electric model soon after its international launch.