One of the most esteemed car makers in the world, Volvo, already has made a significant place in the Indian market through its Indian subsidiary, Volvo Auto India. The managing director has expressed his desire to extend the percentage it holds in the market, to 4.5% by the end of 2013.
Volvo is a Swedish car manufacturing company, centered in Gothenburg. The Volvo group was formed in 1915 but the automakers came into existence in 1927. Today Volvo manufactures and sales trucks, buses, marine vessel parts, and even cars. In India, it specializes in making luxury cars.
The company’s MD, Tomas Ernburg, said in an interview that Volvo Auto India has seen a steep progress curve in the country. It had only 1% occupancy in the market in the year 2011 and in the year 2012, it had secured 3% occupancy. He said that Volvo will progress more and by the end of this year they will acquire 4.5% hold over the Indian luxury car market. Tomas also expressed his long term desire and plan of holding 15% market ownership by the year 2020.
Volvo Auto India emerged in the year 2007 and sold only 320 cars by the year 2011.
But now it has reached a sale of 850 cars across India. It has expressed the desire to sell 1000 cars by the end of this year.
It’s latest venture is V40 that was launched in Hyderabad. V40 is a luxurious Cross Country car. It has an engine of 2 litre capacity. It has an automatic six- speed transmission in addition to a glass roof. It plans to sell 120 V40 units by the end of this year. It is priced 29.25 lacs rupees.
Volvo Auto India is planning to increase its area in the county and so is planning to open new retails in cities like Vishakhapatnam, Kolkata etc.