Published: Fri, May 19, 2017
Health Care | By Oscar Goodwin

Volvo to assemble premier cars near Bengaluru

The company is betting on the long term prospects for the Indian market and believes that by 2025, India would be one of its major Asian markets after China. The local assembly will be focused on the cars based on Volvo's SPA modular vehicle architecture and will be done with the help of Volvo Group India's existing infrastructure where Volvo trucks, buses and construction equipment are already being manufactured.

"The operations will be near Bengaluru where our first model XC90, a premium sports utility vehicle, will be assembled and rolled out this year to grow in the expanding premium auto segment", Volvo Cars Chief Executive Officer Hakan Samuelsson told reporters in Bengaluru. "Right now we sell around 1500-odd cars and we want to take that to 3000 units", said Hakan Samuelsson, global president and chief executive of Volvo Cars. The companies didn't provide addition contract and financial details.

While the Indian luxury market is still relatively small, Volvo's decision to start assembly in India and market its vehicles as "Made in India" fits well to the industry.

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The operations will be near Bengaluru where the first model XC90, a premium sports utility vehicle, will be assembled and rolled out this year.

Volvo now has a market share of close to 5 per cent in the luxury segment in India, thanks to the 32 per cent sales growth in the past two years.

The local assembling will not only boost investment and jobs in India, but will slash the prices of the luxury models locally assembled in India, which at present are imported as completely-built-unit from Europe. The car-maker has witnessed a robust 32 percent growth in sales volumes in the past two years, and aims for the same in 2017.

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Hate it or love it, Tesla has managed to create huge demand for electric cars and this is something which other carmakers are pleased about. The XC90 is among Volvo's most expensive auto ranges, but provides for a fourth of its sales in India.

"Our target is to double our sales in India in the next 2-3 years and also double our market share in India. Prices should be set according to the value of the vehicle and that we would not change", Samuelsson said.

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