Volvo Auto India, the Swedish luxury car maker, has introduced its much awaited V40 Cross Country crossover in Kerela at a price tag of Rs. 29 lakh. At the launch ceremony, the auto maker said that it has set a target of delivering 120 units all over the country and 20 to 30 models in the state, by the end of 2013. Industry experts are of a view that the premium segment of the Indian auto market is reporting growth every year as the new generation of young upmarket premium car buyers are showing keen interest in luxury cars.
It must be noted that in the total 2.5 million luxury cars delivered in the Indian auto market, the number of premium models account for just 28,000. Following the launch of Volvo V40 Cross Country, the Swedish auto maker is anticipating a growth of 50 per cent by the end of 2013 and is foreseeing a total market share of 4.5 per cent against the 3 per cent of 2012 and 1 per cent of 2011. Reportedly, during the last year, the company sold 820 units in the market and experts are of a view that the company will touch the mark of 1,200 units in 2013.
Speaking on the dwindling condition of domestic auto market, the Managing Director of Volvo Auto India, Tomas Ernberg was quoted as saying, “Elections are coming, interest rates are high, but we are confident of selling over 1,000 units.”
It must be noted that Volvo India is planning to introduce two new models before the end of current year in the 'D' segment. Sources close to the development process revealed that both the models will be Sports Utility Vehicles (SUVs). Interestingly, the newly launched Volvo V40 Cross Country happens to be a perfect blend of potential ruggedness and expressive elegance. This model from Volvo is expected to set new standards in the Premium 'C' segment of the Indian auto market.