Volvo expects a good festival season for Indian auto industry
- Volvo is betting big on an improved supply chain ecosystem and positive consumer sentiment for higher sales in the upcoming festive season.
Volvo Car India expects the Indian auto industry will witness a good festive season this year, reported PTI. Volvo Car India's Managing Director Jyoti Malhotra reportedly believes that with the improved supply chain situation and positive economic sentiment among consumers, the upcoming festive season will be good for the domestic automobile industry.
Speaking about the sales prospect of the Indian automobile industry during the upcoming festive season, the Volvo Car India official reportedly said that the upcoming few months will be good for the industry. His comment comes on the heels of the launch of Volvo's second electric car in India, the C40 Recharge, which joined the XC40 Recharge electric SUV in the automaker's lineup in the country. Volvo Car India launched the C40 Recharge at ₹61.25 lakh (ex-showroom). Bookings for the EV have already commenced from Tuesday exclusively through online.
Watch: Volvo C40 Recharge review: Packs a punch with more range
Speaking about the upcoming festive season, Malhotra is banking on the improved supply chain ecosystem and positive consumer sentiment. "We have been through a pandemic in the last two years. Then we had supply chain challenges. This year, it looks normal. If you look at the overall economy, there is generally a very positive sentiment. I think the festive season should be really good," he said, while further adding that, “The supply chain situation is much better than last year."
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Speaking about the price gap between internal combustion engine-powered cars and electric vehicles, the Volvo official believes that the two segments are witnessing parity slowly. Malhotra said that at a transaction level, the price of an ICE car and an electric car have been coming closer. “Our belief is that the inflection point is likely to happen somewhere in 2025-2026," he said.
Speaking about the luxury car segment in India, Volvo believes that sales in this space will return to the 2018 level this year after going through a rough patch during the pandemic.