Electric vehicle (EV) manufacturers breathed a sigh of relief after the GST Council on Wednesday night retained the concessional 5 per cent rate on EVs, though they now face competition from small petrol and diesel cars, which will attract a lower 18 per cent levy.
'From the Indian perspective, young customers with more disposable income will also drive the growth.'
Swedish luxury car maker Volvo is planning to launch its fullly electric small SUV EX30 in India this year as part its plans of launching one electric model in the country every year in line with its global ambition of achieving 90-100 per cent sales from electrified cars by 2030, according to a senior company official. Besides, Volvo Car India is also looking at bringing the new XC60 SUV in India this year, its Managing Director Jyoti Malhotra told PTI.
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In wake of the coronavirus pandemic, US auto major Ford has asked its 10,000 employees in India, except those in business-critical roles, to work from home, a step which has also been taken up by Swedish luxury car maker Volvo. A Ford India spokesperson said, in recent days, the company has concluded that the issue of coronavirus has taken on a different dimension.
On the company's performance after entering the Indian market last year, he said the car maker has so far sold 100 units. The company right now delivers cars to customers as completely built units from its headquarters in Sweden.
Taking a cue from heavyweights such as BMW, Mercedes and Audi, Ford Motor Company-owned Volvo Car India may use the parents' India facility in Chennai to manufacture and assemble some of its products, reducing their prices substantially.
The company announced on Monday the opening of its flagship dealership, spread over an area of 6,000 sq mt, in New Delhi. The New Delhi dealership would be followed by opening of Chandigarh and Mumbai dealerships, the company said.
Volvo SX80, a luxury sedan car and Volvo XC90, a SUV, will be available in the Indian market with a starting price of Rs 3,800,000 ($ 93,160) for petrol variant and Rs 4,500,000 ($110,321) for the diesel variant.
If one leaves aside 2016, when sales declined 4.68 per cent, the pace of growth in 2018 is the slowest in a decade, according to IHS Markit, a sales forecast and market research firm.
Volvo will hold discussions with its parent company to start assembly operations in India by the end of this year.
The company would also consider setting up an assembly facility in the country as soon as Volvo Car India, the Indian subsidiary of the Ford Group company, starts selling at least 2,000 units a year. Volvo Car India, which sells its vehicles as completely-built-unit in New Delhi, would bring in the S60 from its parent facility in Belgium.
Kicking off the India plan, the company announced on Monday appointment of three dealers in Delhi, Mumbai and Chandigarh.
The Volvo C70 is the second generation convertible of C70 from the company, with a three-piece retractable hard-top that transforms the vehicle from coupe to convertible at the touch of a button.
'India is still hierarchical, but not as much as Japan and people appreciate a flat working culture,' Charles Frump, managing director, Volvo Cars India, tells Pavan Lall.
The trend is expected to gain momentum as global vehicle makers in India, particularly from Japan, ride on hybrids to meet the more stringent fuel efficiency norms that take effect in 2022.
Has Volvo Cars set the cat among the pigeons? Yes, the compact luxury SUV segment in India will not be the same with the entry of the XC40, says P Tharyan.
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