Print Edition - 2017-05-19  |  Money Digest

Volvo to produce cars in India


May 19, 2017-Swedish carmaker Volvo said on Thursday it will start assembling cars in India this year in a move into a fast-expanding market where it has had only a small presence until now. Volvo Cars said in a statement that it was teaming up with truck manufacturer Volvo Group to build cars at the latter’s existing plant in Hoskote near Bangalore. The first Volvo Cars model to be assembled in Bangalore would be the XC90 premium SUV. Other models would follow later, the carmaker said. Volvo Cars sold only 1,400 cars in India in 2016, an increase of 24 percent over the previous year. And it aims to double its market share in premium or luxury cars, which is currently “close to five percent,” it said.

Published: 19-05-2017 09:33

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