Luxury car major Volvo would launch its new car in Indian market by the end of March 2013, a top company official has said.
The car 'V40-Cross Country,' is already on road in Frankfurt and would hit the Indian market, Tomas Ernburg, Managing Director, Volvo India, told PTI on Friday.
According to Mr Ernburg, the car could be priced around Rs 25 lakh ex-showroom, though the luxury car-maker is yet to be fixed. He is here to inaugurate one of the biggest Volvo showrooms in the country.
On the company's growth, Tomas said it was just one per cent market share in India during last year, which was likely to increase to three per cent this year, as Volvo was reaching the top, by beating its competitors.
"Volvo India wants to be No.1 in India in the luxury segment and aims to capture 15 per cent market share by 2020 and would sell 20,000 cars then. It would gradually increase to 30,000 in 2025," he said, adding that the company would double its production capacity to 800,000 from the present 400,000 accordingly.
Dwelling upon the company's vision, Mr Ernburg said Volvo, claimed to be the safest car in the world, wanted to build such a car in future, so that the driver would not die or get hurt seriously, if involved in a major accident.
The company is also planning to commence its operation in China plant by next year. Mr Ernburg said though he personally wanted to set up a plant in India, it, however, would be the decision of the Company as a whole.
When asked about the investment to reach the top by 2020, he said that it was difficult to quantify the amount. However, he added that the company would increase its sites from the present 12 to 43 by 2020, which would provide more employment opportunities.