Volvo is gearing up to redefine the electric vehicle (EV) landscape in India with the launch of its much-anticipated EX90 and EX30 SUVs in 2025.
Jyoti Malhotra, MD of Volvo Cars India, officially announced this expansion during a recent media interaction, shedding light on Volvo’s commitment to double its EV portfolio by 2025.
Meet the EX90 and EX30
The EX90 stands as Volvo’s flagship EV, designed to make a mark in the luxury electric SUV segment. On the other hand, the EX30 is positioned as an entry-level EV, promising accessibility without compromising on Volvo’s commitment to excellence.
Local Assembly Plans
Volvo is actively considering local assembly for both the EX90 and EX30 in India. This not only signifies a commitment to the Indian market but also aims to streamline production and potentially reduce costs, making these EVs more accessible to Indian consumers.
Volvo’s Vision and Projections
Volvo’s current EV offerings in India, the XC40 Recharge and C40 Recharge, have already made a significant impact. In 2023, Volvo sold 690 EVs, constituting 28 percent of its total sales.
With ambitious projections for 2024, Volvo expects EVs to contribute up to 33 percent of its overall sales.
Market Trends and Predictions
Jyoti Malhotra, expressing optimism, highlighted the growing acceptance of EVs in India. In 2023, EVs accounted for 7 percent more sales in the luxury segment compared to mass-market segments.
The projection for 2024 anticipates an 8-10 percent increase, setting the stage for a monumental shift. Malhotra foresees a future where 50 percent of luxury car sales in India will comprise EVs by 2030.
Direct-to-Customer Model and Beyond
Volvo’s direct-to-customer model for selling electric cars has proven successful. As EV adoption gains momentum, Malhotra hints at the possibility of adding Internal Combustion Engine (ICE) models to their lineup in the coming years, diversifying their offerings to cater to a broader audience.
Volvo’s Global Vision
While currently producing cars in China, Sweden, and the US, Volvo is contemplating India as a potential manufacturing base.
This strategic move is not limited to domestic sales but extends to exports as well. The decision, however, is pending, leaving enthusiasts curious about Volvo’s potential footprint in the Indian manufacturing landscape.
EX90 and EX30 in Detail
The EX90, unveiled in 2022, boasts a seven-seater configuration, marking its status as Volvo’s flagship EV. Equipped with a 111kWh battery and generating 517hp, it offers an impressive range of 600km on the WLTP cycle.
On the other hand, the EX30, positioned as Volvo’s entry-level electric SUV, shares its platform with the Jeep Avenger EV. With a 69kWh battery and 427hp in its top-spec Twin Motor Performance model, the EX30 combines affordability with Volvo’s signature style.
In the pipeline for 2024 are new variants of the XC40 and C40 Recharge line-up, potentially introducing entry-level, single-motor RWD variants with a 69kWh battery pack.