May 19, 2017 Volvo, VolvoGroup, India
Volvo Cars intends commencing vehicle assembly operations in India this year - positioning the company for further growth in the fast-expanding premium car segment in that country.
The facility near Bangalore in southern India will assemble models based on Volvo's SPA modular vehicle architecture – the first of which will be the XC90 SUV. Additional models earmarked for local assembly will be announced at a later stage.
The Volvo Cars brand is working together with Volvo Group, the truck, bus and construction equipment manufacturer, and will make use of the latter's existing infrastructure and production licenses at the site.
While the Indian premium market is still relatively small, it is forecast to grow rapidly in the coming years. Volvo currently has a premium segment share of close to five per cent and aims to double this by 2020. In 2016, Volvo sold over 1 400 cars in India, an increase of 24% compared to 2015.
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