Swedish luxury carmaker Volvo Cars will only launch electric cars in India from now on. The company will stop selling petrol and diesel cars in India by 2030. “The new products we bring will be electric,” said Martin Persson, head of Volvo Cars for the Asia Pacific region. He added that while they still have internal combustion engine (ICE) products, the future is electric.
Globally, Volvo aims to be fully electric by the end of the decade. In India, where 25% of Volvo’s sales are already from EVs, the market is growing fast. Volvo plans to introduce one new electric vehicle every year for the next few years. The EC30 will launch in 2025, followed by the EC90.
Persson said the Indian market is evolving like Japan and Korea, with about 2% of car sales being electric. In the luxury segment, the share is higher, around 7%.
Persson sees strong growth potential in India’s luxury vehicle market, driven by the increasing number of millionaires. Volvo is studying the market to decide on future actions, which could include industrial measures.
Volvo Cars India is also looking into the government’s new Scheme for Manufacturing of Electric Cars but has not decided on participating yet.
