Volvo Cars India is gearing up for an exciting expansion of its electric vehicle (EV) lineup with the anticipated launch of two new models, the EX90 and EX30, by 2025. The EX90 will serve as Volvo's flagship EV, while the EX30 will be positioned as an accessible entry-level option, broadening the appeal of Volvo's electric offerings in the Indian market.
Volvo's Current EV Portfolio
As of now, Volvo's electric presence in India includes the XC40 Recharge and C40 Recharge. These models have been well-received, with EVs accounting for 28 percent of Volvo's total sales in India in 2023. The company sold 690 EVs in 2023, with the XC40 Recharge leading the charge with 519 units sold.
Future Launches: EX30 and EX90
Jyoti Malhotra, Managing Director of Volvo Cars India, confirmed the upcoming launch of the EX30 and EX90 born-electric SUVs. The company is also considering local assembly for both models, which could enhance its competitiveness in the Indian market. Malhotra expressed optimism about the growing adoption of EVs, stating, "2023 was a good year from a volume perspective... The more heartening thing was the adoption has been strong for EVs."
Volvo's EV Sales Projections
Volvo India expects its EV sales to increase to 33 percent of its total sales in 2024. The company has observed that EV sales in the luxury segment have been 7 percent higher than in mass-market segments, with further growth of 8-10 percent expected in 2024. Malhotra anticipates that 50 percent of luxury car sales in India will comprise EVs by 2030.
Direct-to-Customer Sales Model
Volvo has adopted a direct-to-customer sales model for its electric cars, which has shown promising results. The company is considering expanding this model to include internal combustion engine (ICE) vehicles in the future.
Manufacturing Considerations
Currently, Volvo produces cars in China, Sweden, and the US. The company is exploring the possibility of establishing a manufacturing base in India, not only for domestic sales but also for exports. While no concrete decision has been made, this move could significantly impact Volvo's operations in India.
Details on the EX90 and EX30
The EX90, unveiled in 2022, is a seven-seater SUV and the electric equivalent of the existing XC90. It is the first model to be built on Volvo's EV SPA2 architecture and is closely related to the Polestar 3. The EX90 boasts a 111kWh battery for a range of 600km and an electric motor producing up to 517hp.
The EX30, on the other hand, is Volvo's entry-level electric SUV, based on Geely's SEA platform. It shares design elements with the flagship EX90 SUV and offers a 69kWh battery with 427hp of power in its top-spec Twin Motor Performance model.
Upcoming Variants of the XC40 and C40 Recharge
In 2024, Volvo is likely to introduce new variants of the XC40 and C40 Recharge lineup, potentially including entry-level, single-motor rear-wheel-drive variants with a 69kWh battery pack.
Volvo's commitment to expanding its EV portfolio in India with the launch of the EX90 and EX30 SUVs is a testament to the brand's dedication to sustainable mobility. The consideration of local assembly and the exploration of manufacturing in India further underscore Volvo's long-term vision for the Indian market. As the automotive industry continues to embrace electrification, Volvo's strategic moves position it as a key player in India's evolving electric vehicle landscape.