'Eager to fill sub-Rs 50 lakh luxury car void with Volvo EX30': Jyoti Malhotra

Swedish automaker Volvo's Indian arm Volvo Car India is all set to introduce its third all-electric model - the EX30 SUV - in the country in early 2025, with an aim to fill the void in the sub-Rs 50 lakh luxury car segment in India. 

The company is confident of attracting first-time luxury car buyers into its fold with its latest compact SUV that targets young buyers and those belonging particularly to the growing 'Double Income No Kids' demographic in the country. Jyoti Malhotra, MD, Volvo Car India, says, "We are eyeing a new opportunity in India with the compact EX30 SUV. EV penetration is faster than ICE in the luxury car segment and almost 27% of our volumes today are contributed by all-electric models."

"We expect first-time luxury car buyers to enter the Volvo brand with the EX30," he adds, while mentioning that globally, Volvo has had a relook at its EV strategy, wherein the company is now focusing on electrification of its powertrains, rather than going all-electric by 2030. "We have revised our ambitions based on the market dynamics, and now it states that by 2030, we want to be 90-100% electrified. Having said that, we would like to go fully-electric as soon as possible."

This renewed flobal focus on electrified powertrains would see the company introducing more mild-hybrid and plug-in-hybrid options as well along with EVs in the foreseeable future.  

Malhotra also adds that in India, "the government must continue to benefit EVs to drive their adoption in the country."