While the Indian automobile industry is slowing down and struggling to clear their inventories, Volvo Cars India is skyrocketing. They’ve registered a 11% growth during the first half of 2019. The company sold 1159 cars during Jan-June 2019, compared to 1044 units in Jan-June 2018. Sales from Tier 1 towns and Mini metros, combined with the increasing demand for SUVs helped them to achieve this.
Charles Frump – Managing Director, Volvo Car India said, “We are extremely happy with 11% growth in sales performance so far especially when the industry is not looking positive. Our brand engagement programs continues to play a crucial role in this performance. While the short term market performance looks tough, I am very confident the automobile growth will bounce back and we would be happy to replicate our sales performance of 2018.”
This growth can be largely contributed to the XC40, the most affordable offering from Volvo in India. The XC40 was introduced last year. This is indeed a great news for Volvo – considering the fact that Major automobile companies had shut down and cut their production to clear existing inventories. The slowdown in the Industry has resulted in 205 dealers, shutting about 300 dealerships in the last 2 years.
Volvo has also posted 25% year-on-year growth during the 2019 fiscal, with 2687 units sold. Volvo started its Indian innings in 2007 and currently sells cars through its 23 dealerships across India. Safety has always been a top priority at Volvo. The company has introduced many innovative and thoughtful safety features in its vehicles. Volvo Car India have also announced that they would be launching four new electric cars in India in the next three years. More recently, the company launched the 4 and a half ton, armoured XC90.