Volvo Auto India, a wholly-owned subsidiary of China’s Zhejiang Geely Holding Group company,Volvo launches its S60 sedan in three variants in India
Thursday launched the premium sedan Volvo S60 to take on BMW 3-Series, Audi A4 and Mercedes-Benz C-Class.
The Indian subsidiary of the Chinese major expects to be profitable by the end of this calendar year, said Paul de Voijs, managing director of Volvo Auto India. “We launched the S60 in India within four to five months of its global launch following the rising demand for premium cars in the subcontinent. We plan to sell at least 100 units per month,” Voijs told Financial Chronicle. He expects the domestic operations to be profitable in 2011, on the back of good sales in this calendar year.
The three variants of the S60 sedan are priced between Rs 27 and Rs 34 lakh (ex-showroom Mumbai). The BMW 3-Series models are priced between Rs 24.4 lakh and Rs 33.95 lakh (ex-showroom Mumbai), while Audi A4 is priced at Rs 27.18 lakh to Rs 37.02 lakh (ex-showroom Mumbai), and Mercedes-Benz C-Class variants at Rs 29.62 lakh and Rs 36.03 lakh (ex-showroom Mumbai).
At present, BMW is the leader in the Indian luxury car segment with 40 per cent market share. It sold 6,246 units in 2010. Voijs further said that the luxury car market, which was just 1 per cent of total passenger car sales in India, has now grown to over 6 per cent with annual sales of over 15,000 units. Volvo has plans to invest $10-11 billion worldwide over the next five years to upgrade its products and technology following its acquisition in 2010 by China’s Zhejiang from Ford Motor.
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