Volvo Auto India has had a great 2018-19 Financial Year. The company recorded a 25% growth during this time. However, the company had grown by 30% in the last financial year, this time around the rising input costs and low buying sentiment added to the company's worries. No matter.
The company is bracing the new year with equal confidence and wants more cars to come to the country and of course the new Volvo S60 is all set to be launched in the country. Speaking to carandbike Charles Frump, Managing Director - Volvo Car India said "I think with the S60, we are all excited that it's coming to the country. The car is currently being produced in the United states and we are looking at the possibility of bringing it to India. Chances are that now it's going to be in 2020 rather than 2019. But certainly that car will be coming"
Volvo India had already announced that it will be introducing 4 new electrified cars in the country in the next 3 years. In its commitment towards the environment and electrified future, Volvo Cars plans to slowly phase out conventional powertrains and focus only on electrification.
This announcement places electrification at the core of Volvo's future business. It also paves way for the complete phase-out of combustion-engine-only models. The company has already committed to a goal of featuring some form of electric propulsion in its models from 2019 onwards and now India too is part of this plan. Every new Volvo from 2019 onwards will be electrified.
Frump said, "If we look farther out into the future then we have a line up of plug-in hybrids coming. So we'll start with the XC90 and that will happen this year, it will be locally assembled and then we'll locally assemble a range of plug-in hybrids. The next thing that we're thinking about is pure electric cars and that's clearly a direction that the Indian government and Volvo is heading towards. By 2025 we want to have a million electric vehicles on the road."
The decision to move to electric vehicles couldn't have come at a better time for Volvo as it readies its EVs and PHEVs for launch in the country and the support of the Government of India is of utmost importance.
"We had great news just before the budget where they took the customs duty, if its assembled in India, from 30% to 15% and that has really improved the business case for us. The moment that happened, I got on to a phone with Sweden, asking them, how can we make this happen even quicker. It's had a big impact and it's very much appreciated by us."