Luxury carmaker Volvo India’s one-third sales will come from electric vehicles in 2024. The company, which is betting big on electric vehicles, plans to introduce EX30 and EX90 in India in 2025.

In 2023, the Swedish automaker sold 2,423 cars in India. Of these, 690 were electric vehicles with 510 units of XC40 Recharge and 180 units of C40 Recharge. Electric vehicles contributed to 28 per cent of sales for Volvo India in 2023.

“We are moving towards the goal of being an all-electric car company by 2030. India has a huge potential for electric vehicles and the penetration is higher in the luxury car market space. For us, we are selling more electric vehicles and our ICE products are made to order. 30-35 per cent of new customers are for electric cars,” said Jyoti Malhotra, Managing Director of Volvo Car India.

The company is selling its electric vehicles through online direct sales, and plans on selling its ICE and hybrid products also online. With the newly launched C40, the company has witnessed a younger customer profile.

In the incident of the Volvo C40 Recharge catching fire, Malhotra pointed out that while an investigation was going on, the car prompted the customer to deboard. “The global technical team is investigating the fire incident. This is the first incident as the cars are being sold for quite some time globally. The car asked the customer to deboard. The customer then went ahead and purchased two more cars from us,” added Malhotra.

The company, which is present in 25 cities, will expand its service reach across the country. Further, it also plans on expanding its used car business, Volvo Selekt, across key markets in India.