New Delhi, Nov 25: Luxury car major Volvo would launch its new car in Indian market by the end of March 2013, a top company official has said.
The car ‘V40-Cross Country,' is already on road in Frankfurt and would hit the Indian market, which is a potential market for the company, Tomas Ernburg, Managing Director, Volvo India, told PTI on Friday.
Mr. Ernburg, in Coimbatore to inaugurate one of the biggest Volvo showrooms in the country, said though the company has to fix the price for Indian market, the car's price could be around Rs 25 lakh ex-showroom.
On the company's growth, Mr. Ernburg said it was just one per cent market share in India during last year, which was likely to increase to three per cent this year, as Volvo was reaching the top, by beating its competitors.
“Volvo India wants to be No.1 in India in the luxury segment and aims to capture 15 per cent market share by 2020 and would sell 20,000 cars then. It would gradually increase to 30,000 in 2025,” he said.
Accordingly, the company would double its production capacity to 800,000 from the present 400,000, he said.
Dwelling upon the company's vision, Mr. Ernburg said Volvo, claimed to be the safest car in the world, wanted to build such a car in future, so that the driver would not die or get hurt seriously, if involved in a major accident.
Stating that the company would commence its operation in China plant by next year, Mr. Ernburg said though he personally wanted to set up a plant in India, it, however, would be the decision of the Company as a whole.
When asked about the investment to reach the top by 2020, he said though it was difficult to quantify the amount, the company would increase its sites from the present 12 to 43 by 2020, which would provide more employment opportunities.