At the CII Conference, Volvo Car India MD Jyoti Malhotra announced the company’s ambitious plan to become fully electric by 2030, highlighting investments in brand expansion, and dealer network.
Key Highlights:
- Volvo Cars India to have a fully electric lineup by 2030.
- Volvo India achieved a milestone of 1,000 EV sales in June 2024.
- Two out of five Volvo car models in India are electric
Volvo Car India has outlined its ambitious plans to accelerate its electric vehicle (EV) strategy in India in the upcoming years. Speaking at the Confederation of Indian Industry (CII) Conference on the future of mobility on 21st August, Jyoti Malhotra, MD and CEO of Volvo Car India, shared the company’s vision to become a fully electric car company by 2030.
Malhotra highlighted the growing adoption of EVs in India and Volvo’s commitment to providing safe, secure, and sustainable mobility solutions. He emphasized the company’s investments in electrification and its efforts to address the challenges and opportunities presented by the Indian EV market.
Malhotra expressed his honor in co-chairing the conference held on August 21st, where he shared useful insights on the challenges and opportunities in EV adoption in India. The event also featured Dr. Hanif Qureshi, IPS, as the chief guest, contributing to the discussions on the future of mobility in India.
“At Volvo Car India we’ve invested our efforts towards becoming a safe and sustainable mobility solutions provider. Our ambition is to strive for faster electrification,” said Jyoti Malhotra, Managing Director of Volvo Cars India.
Volvo Car India is investing significantly in its brand, expanding its dealer network, and digitizing the consumer journey to capture the potential of the Indian electric vehicle market. Despite not having manufacturing operations in India, Volvo sold over 1,000 EVs in the country till June 2024, marking a 30% increase over the previous year.
Speaking at the CII Conference, Jyoti Malhotra said.” The road to sustainable mobility and adoption of EVs in India is long, but the journey is well underway. It’s exhilarating to be at the forefront of this transformation, merging sustainability with responsibility.”
Currently, Volvo India offers three EVs: the XC40 Recharge, the C40 Recharge, and the single-motor XC40 Recharge. The brand’s focus on electrification is evident, with two out of its five models in India being electric. This milestone, achieved on World Environment Day, highlights the growing popularity and acceptance of electric vehicles in the country.
Martin Persson, Head of Volvo Cars for the Asia Pacific excluding China (APeC), echoed Malhotra’s sentiments, stating that India holds immense potential for Volvo. He visited New Delhi to understand the domestic luxury car market and expressed optimism about the company’s growth in India, particularly in the premium segment.
Further, he acknowledged the challenges posed by government taxation on hybrid vehicles and the need for further infrastructure development to support EV adoption in India. Persson said, ” The electrification in India has not fully picked up, with a current EV penetration ratio of 1-2%, similar to Japan and Korea.”
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