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Volvo ponders luxury factory in India

Volvo ponders luxury factory in India

Published: 28 Dec 2012 07:46 GMT+01:00
Updated: 28 Dec 2012 07:46 GMT+01:00

Swedish luxury car maker Volvo said on Thursday it was studying the possibility of setting up a car manufacturing plant in India as part of a drive to nearly double global sales.

The company aims to increase worldwide sales to 800,000 vehicles by 2020, from a current 440,000 a year.

"It makes sense to set up a car manufacturing facility in India as we target sales of 20,000 units by 2020 here," Volvo Auto India managing director Tomas Ernberg said in western Ahmedabad city, the Press Trust of India reported.

"A group within Volvo is conducting a feasibility report," he told reporters.

Volvo sold 820 units in India this year, up from 320 vehicles last year. The company expects sales of 1,200 vehicles in 2013.

Luxury car makers have dealerships in many large Indian cities, attracted by the growing numbers of wealthy Indians. Around 28,000 luxury car units were sold in India by players like Mercedes, Audi, BMW, Volvo, among others, this year.

Along with China, India has become a key market for global car manufacturers after growth in Europe and the United States stagnated in recent years.

Sweden's Volvo Bus Corp, a separate company, entered India a decade ago to

make heavy-duty trucks before moving into the luxury bus segment. The company

has a large bus manufacturing factory at Hoskote, near the southern city of

Bangalore.

AFP/The Local/og/at

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Your comments about this article

12:25 December 29, 2012 by Mb 65
When you have to wait 4-6 months for a new car it's ridiculous. How can you sell your car privately when you have no idea when the new one will arrive.
04:13 January 7, 2013 by honeybeee
India will be next China in Asia market , yes , many people and the company who have far signtedness are looking forward to it , not only car manufacturers like Volvo , but also car parts supplier Schaeffler Ag from Germany ,they are very keen to that market too in order to cater to more new car manufacturers who recently set up new plants there . So they already set up the new factory bases and R&D center there in the passed 2012 and nominated famous former GM manager Mr. Arora as new CEO to join the group , no surprised Schaeffler India will have another bright future and success .
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