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Volvo India eyes a third of sales from EVs in 2024

Scandinavian auto major Volvo Car India expects a third of its sales in 2024 to come from EVs, said a company official. In 2023, Volvo India sold 2,423 units out of which 690 were EVs, accounting for 28% of the sales volume.

“Our objective is to be all electric by 2030,” said Jyoti Malhotra, MD, Volvo Car India. “So our EV volume will grow year on year. This year we expect one-third of sales from EVs and this will grow to 50% in a year, or two, and subsequently we will go to 100%,” he said.

Volvo India offers two EVs – xc40 and c40. The company announced it would introduce two more EVs – ex30 and ex90 in 2025. All EVs are sold directly to customers online for pricing transparency, added Mr. Malhotra. 

The luxury car segment is witnessing rapid electrification as top-end customers prefer sustainability, Mr. Malhotra said. Currently about 4% of all luxury cars are EVs as compared with 1.5% in the passenger car segment, he added.

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