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Volvo India sales up 25% in 2019

[Edited By: News Plus]

Wednesday, 12th June , 2019 04:15 pm

The Indian subsidiary of the Swedish automaker Volvo Cars announced today that it sold 2,687 units in fiscal year 2019 (April-March), registering a growth of 25 percent year-on-year, albeit in a lower base.

Volvo India said that the growth was driven by the XC40 SUV and the acceleration of dealers across the country also allowed it to reach a wider audience. The brand opened five new showrooms across the country in Calicut, Raipur, Calcutta, Indore and southern Mumbai.

Volvo India had recorded the highest growth rate among all luxury car manufacturers in calendar year 2018, but with a much lower base. It sold a record 2,638 units, 30 percent year on year (2017: 2,029).

However, the automaker is cautious about sustaining growth in this fiscal due to the low overall demand for passenger vehicles. The high import costs, the rupee depreciation and a liquidity crisis significantly impacted the demand for luxury cars during most of the year.

"We had a solid performance in the last financial year due to the greater demand of our products by customers and the opening of new distributors. "We remain optimistic about the future, but we are somewhat cautious about next year due to external factors and predictions of an impending downward trend," said Charles Frump, managing director of Volvo Car India.

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Volvo India sales up 25% in 2019

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