The Indian subsidiary of Swedish carmaker Volvo Vehicles at present introduced that it offered 2,687 items within the 2019 fiscal (April-March), registering a progress of 25 % year-on-year, albeit on a decrease base.
Volvo India stated that progress was pushed by the XC40 SUV and the ramp-up in dealerships throughout the nation additionally enabled it to succeed in a wider viewers. The model inaugurated 5 new showrooms throughout the nation in Calicut, Raipur, Kolkata, Indore and South Mumbai.
Volvo India had recorded the best progress price amongst all luxurious automakers in calendar 12 months 2018, however on a a lot decrease base. It offered a report 2,638 items, up 30 % YoY (2017: 2,029).
Nonetheless, the carmaker is cautious about sustaining the expansion on this fiscal attributable to general subdued demand for passenger automobiles. Excessive import prices, depreciation of the rupee and a liquidity crunch impacted the demand for luxurious automobiles significantly for probably the most a part of the 12 months.
“We had a powerful efficiency within the final monetary 12 months due to larger buyer demand for our merchandise and new supplier openings. We proceed to be optimistic in regards to the future, however are considerably cautious in regards to the 12 months forward owing to exterior components and predictions of an impending downtrend,” Charles Frump, managing director, Volvo Automotive India, stated.