Volvo shifts gears, to offer both EVs & ICE models in India
The Swedish luxury carmaker had last year said it will henceforth sell only electric vehicles in India in its bid to have an all-electric portfolio by the turn of the decade. Volvo's strategy mirrors those of other global car makers like Jaguar Land Rover, and Mercedes Benz who are revising plans to have an all-electric product range.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
Data Science
Artificial Intelligence
Cybersecurity
Operations Management
Project Management
Product Management
PGDM
Others
Management
Design Thinking
CXO
Healthcare
healthcare
Data Analytics
Degree
Digital Marketing
Technology
Data Science
others
Finance
Leadership
MCA
Public Policy
MBA
Skills you'll gain:
Duration:
11 Months
E&ICT Academy, Indian Institute of Technology Guwahati
CERT-IITG Postgraduate Cert in AI and ML India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
10 Months
E&ICT Academy, Indian Institute of Technology Guwahati
CERT-IITG Prof Cert in DS & BA with GenAI India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
30 Weeks
IIM Kozhikode
SEPO - IIMK-AI for Senior Executives India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
11 Months
IIT Madras
CERT-IITM Advanced Cert Prog in AI and ML India
Starts on
undefined
Get Details
Skills you'll gain:
Duration:
10 Months
IIM Kozhikode
CERT-IIMK DABS India
Starts on
undefined
Get Details
Speaking to ET, Jyoti Malhotra, managing director at Volvo Cars India said, globally too while the company intends to go all electric, timelines have now been pushed beyond 2030. 'The adoption rate (of electric vehicles) is different in different countries. And even within the country (in India), it's different across states,' said Malhotra.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Artur Nogueira: Unsold Furniture Liquidation 2024 (Prices May Surprise You)
Unsold Furniture | Search Ads
Learn More
Undo
He said government policies are crucial in deepening EV penetration in India, with states that have waived off road taxes seeing higher adoption rates among customers.
'We will continue to drive in electric cars and have a launch lined up later this year itself. But at the same time, we will continue to focus on ICE,' said Malhotra.
Live Events
EVs currently contribute about 25% of Volvo's sales in India. The market for such eco-friendly luxury cars is however still small though it is growing, according to the company.
'About a year back, EVs had started losing steam. We are seeing some uptick in the segment in the last six months. But customer needs are different across regions,' said Malhotra.
'Home charging is extremely important for customer comfort when it comes to owning EVs. In cities, where there are high-rises, charging electric cars is challenging,' he said, adding Volvo is seeing stronger EV adoption in states like Kerala, Maharashtra, and Delhi where there are low-rises and state policies are conducive. He was speaking on the sidelines of the launch of the XC60 SUV model.
Globally, Volvo does have plug-in hybrids in its portfolio, but Malhotra said the company will only consider launching them in India if the tax structures are more conducive.
India currently levies a Goods and Services Tax (GST) rate of 5% on EVs, and 43% on hybrids.
Overall, Malhotra said luxury car sales in India, which had been outpacing the broader car market in the last few years, slowed in the first half of 2025 as volatile stock markets, and mounting geopolitical tensions hit demand among the country's rich, aspirational buyers. He however added that Volvo is on track to meet its sales target for this calendar year though industry growth is likely to be muted.
Per industry estimates, around 22,900 luxury cars were sold in the first half of 2025, a 1.8% rise from a year earlier.
Separately, Malhotra termed free trade agreements being inked or negotiated by the Indian government as a step in the right direction, which will help to grow the auto industry in the long run.
'The UK FTA has set a benchmark. While the one with the EU is still some time away, free trade agreements are good for the economy. India is seen as a market with growth potential. If any company were to invest in India today, they will only consider the scale available in the market here. With FTAs, the scale changes immediately as they open up access to many more markets globally,' he said, adding Volvo can also explore possibilities for expanding its footprint in India once the EU trade deal is finalised.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
8 hours ago
- India.com
PM Kisan 20th Instalment Not Credited? Follow These Steps To Resolve The Issue
photoDetails english 2940789 The 20th installment of the PM Kisan Samman Nidhi scheme, involving over Rs 20,500 crore, was released by Prime Minister Narendra Modi, with each eligible farmer receiving Rs 2,000 directly in their bank accounts. Farmers who haven't received their payment should verify if they have completed mandatory e-KYC, land seeding, and Aadhaar-based verification. Beneficiary status can be checked online using Aadhaar, bank account, or mobile number. Complaints can be lodged via helpline, email, or online grievance portal. The scheme provides Rs 6,000 annually in three installments of Rs 2,000 each, credited directly to farmers' bank accounts every four months. Updated:Aug 03, 2025, 01:38 PM IST Release of the 20th Installment 1 / 7 Prime Minister Narendra Modi released over Rs 20,500 crore under the PM Kisan Samman Nidhi 20th installment at an event in Varanasi, Uttar Pradesh. Each eligible farmer received Rs 2,000 directly in their bank account as part of this scheme. What to Do if You Have Not Received the Installment 2 / 7 If you have applied but haven't received your installment yet, do not worry. Delays may occur due to various reasons, and there are steps you can take to resolve the issue and receive your payment. Mandatory Criteria for Receiving Benefits 3 / 7 The Ministry of Agriculture has made land seeding mandatory along with Aadhaar-based payment and e-KYC (electronic Know Your Customer). Farmers who have not completed these steps have had their benefits stopped. Once they fulfill the requirements, installments will be released along with any pending payments. Completing e-KYC 4 / 7 e-KYC is compulsory for all registered PM Kisan farmers. You can complete e-KYC in three simple ways: OTP-based e-KYC Biometric e-KYC Facial authentication Check Your Beneficiary Status Online 5 / 7 To see if your payment has been credited or if you are listed as a beneficiary, follow these steps: Visit the official PM Kisan website. Click on the 'Beneficiary Status' section. Enter your Aadhaar number, bank account number, or mobile number. Click 'Get Data' to view your status. How to Register a Complaint 6 / 7 If your installment is delayed or not received, you can file a complaint: Call the PM Kisan helpline at 011-24300606 or 155261. Use the toll-free number 1800-115-526. Send an email to pmkisan-ict@ or pmkisan-funds@ File an online grievance on the official website by entering your Aadhaar, bank account, or mobile number. Scheme Payment Schedule 7 / 7 Under the PM-Kisan scheme, eligible farmers receive Rs 2,000 every four months, totaling Rs 6,000 annually across three installments: April to July August to November December to March Payments are transferred directly to the farmers' bank accounts.
Indian Express
11 hours ago
- Indian Express
Delhi govt to table bill to regulate private school fee hikes in monsoon session
The Delhi government will introduce a bill to regulate fee hikes by private schools in the upcoming Monsoon Session, Chief Minister Rekha Gupta said on Saturday. According to the Cabinet-approved ordinance, passed on April 29, the bill imposes strict penalties on schools that hike fees arbitrarily. For a first offence, schools will face fines ranging from Rs 1 lakh to Rs 5 lakh, with repeat violations attracting penalties between Rs 2 lakh and Rs 10 lakh. If the school fails to refund within the specified time, the fine doubles after 20 days, triples after 40 days, and continues to increase with every 20-day delay. Repeated violations may lead to a ban on holding official positions in the school management and loss of the right to propose future fee revisions. Addressing the media, Gupta said, 'Delhi govt will table the education bill to regulate fee hike by private schools, in the Monsoon session of Assembly beginning from August 4.' Highlighting other policy steps, she announced that the Delhi Legislative Assembly will now operate as a paperless e-Vidhan Sabha. 'It is a matter of happiness that the Delhi Legislative Assembly will now be paperless. We have also developed the assembly as a model Legislative Assembly, as it is completely dependent on solar power now,' she said. The chief minister added that efforts are also underway to make the Delhi Secretariat paperless, as part of the government's broader digital and sustainable governance agenda. 'We are taking policy decisions to make Delhi developed,' she said. The Monsoon Session will be the third session of the Delhi Assembly under the Rekha Gupta-led government.
New Indian Express
13 hours ago
- New Indian Express
BBMP offers digital route to upgrade ‘B' khata to ‘A' khata
BENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) is all set to roll out a dedicated software system from August 10, enabling property owners within Greater Bengaluru limits to convert their 'B' Khata to 'A' Khata through an online process. This initiative is aimed at properties in converted layouts and areas with private roads. BBMP hopes to centralise khata management, improve arrears collection, and initiate automatic attachment proceedings in cases of default or long-standing dues. According to Prashanth Mirle, an advocate and expert on BBMP property tax matters, 'A' Khata has been considered a mark of legal compliance, free from deviations and regularised as per law. In contrast, properties with deviations, revenue land, or irregularities were generally classified under the 'B' registry. He explains that areas falling under the jurisdiction of Village panchayats in Bengaluru Urban District jurisdiction follow a system called the E-Swathu system. Under this, legally compliant properties are covered by Form 9 and Form 11, while those with deviations are classified under Form 11B.
