Geely-owned Swedish brand Volvo is going to launch its smallest EV yet - the EX30, in India next year. Volvo has promised to launch at least one EV every year in the mid-term and will bring the larger EX90 EV later. The smaller EX30 is currently the most affordable electric SUV in Volvo's global portfolio and has seen over 35,000 cumulative sales by June'24, globally. Volvo currently sells the XC40 Recharge and C40 recharge in India. These electric SUVs will now be called EX40 and EC40 under a new nomenclature being adopted by the brand for its EV portfolio.
Volvo's Asia Pacific head Martin Persson is in India to take a deeper look at the Indian market and made these announcements. While there has been a slowdown in EV growth worldwide, Martin reiterated that Volvo is going ahead with its target of achieving 100% electrification by 2030. Martin said that the S curve growth trajectory is something that the brand expected and thinks that now is the time to talk about plug-in hybrids as they can help allay range anxiety and can be a step towards electrification.
Speaking of India, Martin said that though EV penetration is low in the overall market, he expects that penetration will be higher in the luxury segment. He said currently India is the smallest market for Volvo in the APEC region but expects it to outgrow the rest of the region soon and become the second most significant market. The brand is in the process of making a comprehensive strategy to capture this growth, which includes focusing on brand development, expanding the dealer network, and digitization.