Volvo Cars India has witnessed a growth of 25 per cent in the last fiscal year. The company sold 2687 units of passenger vehicles in FY2018-19 against 2157 units which it sold in the previous year. According to the company, the growth was largely driven by the XC40 compact luxury SUV which is the most affordable Volvo sold in India at present and was launched last year. The Volvo XC40 was also awarded the Premium Car Of The Year in the Indian Car Of The Year (ICOTY) awards.
Speaking on the annual sales performance, Charles Frump, Managing Director - Volvo Car India said, "We had a strong performance in the last Financial year because of greater customer demand for our award-winning products and new dealer openings. We continue to be optimistic about the future, but are somewhat cautious about the year ahead owing to external factors and predictions of an impending downtrend."
Volvo has opened 5 new dealerships and a spare parts warehouse last year. The company has been increasing the localisation levels of its models sold in India in order to make them more affordable and XC40 is also expected to enter local assembly soon.