Volvo Car India records 40% growth in FY24’s Jan-Sept period

It retailed 1751 cars during the period under review as compared to 1251 units retailed in the corresponding period of last year.

The growth was primarily driven by the XC60, which contributed 35% of the total volume.

The locally assembled all-electric XC40 Recharge performed exceptionally well, with 419 units during this period, accounting for 24% of the total volume.

EV sales accounted for 27 percent of total sales during the nine months. Clearly, Volvo EVs have caught the fancy of Indian customers.

Managing Director Jyoti Malhotra said, “It has been a remarkable three quarters with an encouraging 40% sales growth from January to September 2023 as compared to last year, driven by the XC60 and our Pure Electric offerings XC40 Recharge & C40 Recharge. This success reflects customer confidence and our commitment to providing premium, sustainable vehicles to the Indian market. We see an exciting fourth quarter ahead as we have also come up with exclusive 'Festive Delight offer' for our customers this season.”

Volvo Car India recently unveiled the C40 Recharge, its second electric car offering following the XC40 Recharge.

“The C40 Recharge has got a very strong response from the Indian market. Within the first month of its launch, it has crossed bookings of 100 cars,” the press release said.

The C40 Recharge will also be assembled locally at the company plant at Hoskote near Bengaluru.

“The introduction of the C40 Recharge aligns with Volvo's commitment to achieving a fully electrified vehicle portfolio by 2030. This launch further solidifies Volvo Car India's position as a prominent player in the luxury electric vehicle market, strengthening their dedication to electrifying their entire product line-up alongside the XC40 Recharge,” the press release added.