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Volvo: Despite fluctuations, EVs to be the future
Industry News- Jul 05,24
In India, 27,300 electric cars were sold in the first quarter of 2024-25 with no year-on-year growth, while hybrid car sales increased by 38% to 22,300 units.
In India, 27,300 electric cars were sold in the first quarter of 2024-25, showing no year-on-year growth. Despite recent fluctuations in electric vehicle (EV) sales, Volvo Cars' strategy to exclusively sell electric cars by 2030 is "100%" correct, according to Martin Persson, Head- Asia Pacific region (excluding China), Volvo Cars.
"There has been some plateauing in electric car sales, which we anticipated. Initially, there was strong growth, then a slower pace, and it will pick up again. This pattern is typical in many markets," Persson explained.
When asked about the company's focus on EVs in India, he stated, "In the long term, absolutely. Short term, we might not be fully aligned with the market. However, we are committed for the long haul; we are running a marathon, not a sprint."
In India, 27,300 electric cars were sold in the first quarter of 2024-25 with no year-on-year growth, while hybrid car sales increased by 38% to 22,300 units. Volvo Cars holds around 7 % of India's luxury car market, which saw 45,000 units sold last year, with electric cars comprising about a quarter of Volvo's sales in the country.
Volvo Cars plans to sell only electric cars by 2030, launching one new electric model annually in India. Persson noted, "We are committed to being fully electric by 2030. We never expected a straight upward curve in electric car sales." He added that sales would grow as new models are introduced, broadening the product range to cater to every consumer segment.
When asked about introducing more hybrids in India, Persson said, "Plug-in hybrids could play a role...we have the products in our portfolio and are discussing internally about bringing more to India." On the topic of high taxes on hybrid vehicles in India, he acknowledged, "It is part of the equation. We need to consider that."
Persson highlighted that India is currently the smallest market for Volvo Cars in the Asia-Pacific region but expected it to grow significantly. "India has great potential, but we need to take active steps to capture it. We cannot just wait for it to happen," he emphasised.
Volvo Cars plans to invest in its brand and dealer network in India, focusing on consumer experience and digitising the consumer journey, including online sales. "It's about more than just one thing," Persson concluded.
(Source: Business Standard)
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