Volvo joins other luxury carmakers to announce price hike from New Year

Volvo will join other luxury carmakers in India to hike prices of its cars from next month. The Swedish auto giant has announced that it will increase the prices of models across its lineup from the first day of the New Year. Volvo Car India has said that the price of its models will be increased by up to two per cent from January 1. According to the carmaker, the decision to hike the prices became necessary due to rising input costs as well as volatile foreign exchange rates.

Volvo will increase the prices of XC60, XC90 and S90 mild-hybrid models besides its two electric SUVs XC40 Recharge and C40 Recharge from January, 2024.

Volvo Car India offers two electric SUVs in India. The latest addition is the C40 Recharge, which was launched earlier this year. The carmaker had also introduced the XC40 Recharge a year earlier. Besides these two, Volvo also offers two more SUVs – the XC60 and XC90. There is also the S90 sedan with petrol mild-hybrid powertrain.

Volvo is the fourth luxury carmaker after Mercedes Benz, Audi and BMW to announce price hike from next month. Almost all carmakers in India have made similar announcements for the same reason. Jyoti Malhotra, Managing Director at Volvo Car India, said, “The decision to adjust prices is in response to evolving market dynamics, forex exchange rate fluctuations, and rising input costs. This move aims to maintain a crucial balance, ensuring the continued delivery of high standards and best driving experiences, reaffirming our commitment to uncompromised quality and safety.”

Also watch: Volvo C40 Recharge first drive review

The C40 Recharge electric SUV was launched in September this year at a price of 61.25 lakh (introductory, ex-showroom). Besides its key rivals like Kia EV6 and Hyundai Ioniq 5, the C40 Recharge is also expected to dent the sales numbers of its sibling XC40 Recharge. The EV comes equipped with twin electric motors paired with a 78 kWh lithium-ion battery pack and an AWD drivetrain. The dual electric motors are capable of generating 402 bhp of peak power and 660 Nm of maximum torque. The EV is capable of accelerating 0-100 kmph in 4.7 seconds at a top speed of 180 kmph.

All cars in Volvo’s lineup are locally assembled at the Bangalore plant. The C40 Recharge and XC40 Recharge are the two models which are only sold though its online platform.

First Published Date: 14 Dec 2023, 13:25 PM IST

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