Luxury EVs Will Be 40% By 2030: Volvo Car India MD, Says, Volvo Car To Strengthen Make In India

Volvo Car India is on the right track, we aim to strengthen make in India and hit another milestone of 10,000 units very soon, says Jyoti Malhotra, MD, Volvo Car India, adding that currently, the company has no plans of export from India

- BY SHRABONA GHOSH

Swedish luxury car maker Volvo Car India is confident of a strong FY26. Even though global uncertainties may have painted a volatile picture of the automobile industry, Jyoti Malhotra, MD, Volvo Car India, is assured the company is in for a long haul in India. “We are excited about FY26 but the geopolitical uncertainties, tariffs, and headwinds, is pushing the market into a cyclical mood and impacting stock markets. When we started the year, we had anticipated some of them but not all, I would say although it is becoming uncertain, we are still on the right track,” Malhotra told Entrepreneur India.

In the first quarter of the year, Volvo Car launched the new XC90, its flagship ICE sport utility vehicle (SUV), equipped with a mild hybrid. Furthermore, EX30, a compact electric SUV, the latest offering globally, will come to India later this calendar year. “We aim to bring one electric car every year. The geopolitical tensions are not going to shift our strategy in the India market. We will be keeping a close watch on how things are unfolding. The key is always to balance between what you need to achieve for now and what you really want to achieve in future,” the MD added.

The penetration of electric vehicles (EVs) in the Indian passenger car market is currently around 2 percent, but it is expected to rise to 5 percent by FY27 and 9 percent by FY30, according to a Nomura report. This growth is driven by increased public awareness, government incentives, new EV models, and improved charging infrastructure.

In April 2025, Volvo Car India sold 35 EVs compared with 40 units sold in April 2024.