Volvo India, the auxiliary unit of Swedish auto manufacturer Volvo Cars, will bring its latest Volvo V40 to India by the end of March 2013.
The launch of Volvo V40 was speculated for quite some time and Volvo fans were awaiting the official confirmation from the company. Press Trust of India reported that Volvo, which aims to increase its market share in India from 1 percent to 3 percent by the end of this year, will launch its latest addition by the end of March.
Speaking at the sidelines of one of the biggest Volvo showrooms inauguration of the country in Coimbatore, Tomas Ernburg, Managing Director of Volvo India, said the company foresees a great growth in India.
"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," Ernburg told the news agency.
He also added that Volvo hopes to make cars in the future which will safeguard the driver even when the car is involved in an accident. Volvo was earlier crowned as maker of the safest cars among other vehicles.
Initially showcased at the 2012 Geneva Motor Show earlier this year, Volvo V40 is already on the road in Frankfurt. Though there was no word about the price details of the latest offering from the luxury car major, the vehicle is likely to fall in the ₹25 lakh bracket as it is positioned to compete with Mercedes B-Class and the BMW X1.
The V40 hatch back packs a high-performance turbocharged T5 five-cylinder engine which accelerates from 0-60 mph in 6.1 seconds and hosts a number of unique style features like contrasting front and rear bumpers, honeycomb mesh grille, upright day-running lights and an integrated skid plate.
The company, which is planning to start operations at the China plant next year, also hopes to increase global production from the current 400,000 to 800,000 units.
Click here to see photos of Volvo V40: