Volvo is looking to expand its presence in the Indian market by launching two new electric cars in 2025. The electric vehicles are namely EX90, Volvo’s flagship 7-seater electric SUV, and EX30, an all-electric compact SUV by Volvo. The news was shared by Jyoti Malhotra, MD of Volvo Cars India, during a recent media interaction. At present, the Swedish automaker sells two EVs in India – the XC40 Recharge and the C40 Recharge.
Volvo’s Vision for India’s EV Market
One of the reasons Volvo is looking to double its portfolio can be credited to the response of the Indian market to Volvo’s EV cars. In 2023, Volvo India sold 640 units, which was 28% of the company’s total sales. XC40 Recharge was on sale for a full year and sold 519 units. On the other hand, C40 Recharge was only available in the last quarter, and it sold an impressive 180 units. With such a positive response, Volvo is expecting EV sales to increase to 33% of its total sales in 2024
According to Volvo, luxury car buyers are showing more interest in EVs compared to those in the mass-market segment, as EVs account for 7% more luxury car sales than they do in the mass-market segment. The company expects this trend to continue and EV sales in the luxury car market to grow by 8-10% in 2024. Moreover, Volvo is looking to become a fully electric car manufacturer by 2030.
As of now, Volvo has production facilities in China, Sweden, and the US. However, the company is looking to expand its manufacturing operation and considering India as an option, not only for manufacturing cars for domestic sales but also for exporting them. Although Volvo has yet to make the final decision, the potential move can have a huge impact on Volvo’s presence in India.
Volvo EX90
Unveiled in 2022, the seven-seater EX90 will be launched in India as Volvo’s flagship EV and their safest car built. EX90 will be equipped with an electric motor producing around 517hp and a 111kWh battery, which will deliver a range of 600 km (WLTP cycle). With fast charging, the car will be charged from 10 to 80% in just under half an hour.
Volvo EX30
Volvo EX30, based on Geely’s SEA platform, was launched globally last year as an entry-level EV SUV. EX30 comes with two battery options: a 51KWh pack with a single motor with a range of 344km and a 69kWh pack with an extended range of 480km.
But what’s staggering is that the top-of-the-line Twin Motor Performance, which has a range of 460km, generates 428hp. With these specs, the EX90 can go from 0 to 100km/h in just 3.4 seconds, making it the fastest Volvo ever.
Customers will have to wait for a year for both EX90 and EX30. So, for 2024, Volvo will look to introduce new variants of the XC40 Recharge and C40 Recharge in India. This may include entry-level, single-motor rear-wheel-drive options with a 69kWh battery pack. Currently, both the models come with twin-motor AWD and a 78kWh battery pack.
