Swedish carmaker Volvo Cars' Indian subsidiary has announced that it has sold a record 2,194 units between January-October 2018, registering smart growth of 40 percent year-on-year.

Volvo Auto India says volume sales are led by the XC60 and the new XC40 SUVs. Interestingly, the January-October 2018 sales have surpassed the total number of vehicles the carmaker sold throughout 2017 (2,029 units).

Apart from new launches, the company says network expansion has also contributed to growth. The company is hopeful that the upcoming festive season will further boost its prospects. Volvo India has opened five new dealerships in the country since January 2018 at locations such as Kozhikode, Raipur, Kolkata, Indore and Noida, bringing the overall dealership count to 21 as of October 2018.

“We are extremely happy with our performance so far in 2018. The XC40 has been received well and its success is important for the brand to be accepted in the entry-level luxury segment. The network expansions, too, have contributed to growth and we are on-track to replicate the growth percentage [of the] previous year in 2018,” Charles Frump, MD, Volvo Car India said in a company statement.

The Swedish carmaker has registered a significant growth in volumes in the first nine months of 2018 as well, albeit on a relatively lower base. Sales totalled 1,896 units – up 34 percent year-on-year from 1,413 units sold during the same period in 2017.

India's luxury segment is currently led by German carmaker Mercedes-Benz, which sold 11,789 units in the January-September 2018 period, down marginally by 0.7 percent year-on-year. Key rival BMW sold 7,915 units (including Mini sales) during the same time, recording an 11 percent growth.