Volvo C40 Recharge Introduced in India, Could Cost around INR 60 Lakhs
On June 14, the Volvo C40 Recharge was introduced in the Indian market as the second electric vehicle from Swedish automobile major Volvo. The company has not revealed price details about the new model but specifications are surely impressive. Automobile companies need to recognize that the Indian consumer is highly price-sensitive. Only companies that have established local production and can provide consumer services are likely to succeed in the Indian market. Volvo C40 Recharge will be imported to India as completely knocked-down unit. One advantage of electric vehicles is that they require less repair and maintenance compared to diesel or petrol cars. Additionally, most electric vehicles are equipped with durable battery packs that can last for many years.
The Volvo C40 Recharge is the brand's second all-electric offering in India, following the XC40 Recharge EV. Volvo aims to become an all-electric car company by 2030 and believes that this target can be achieved even earlier in India. The XC40 Recharge and C40 Recharge will play a crucial role in this strategy. Volvo has already experienced success in India with the XC40 Recharge, which is the country's most affordable luxury electric SUV. Now, the company hopes that the newly introduced coupe SUV will replicate that performance.
Indian consumers have shown significant interest in vehicles from Tesla Motors. While Elon Musk has indicated Tesla's intention to launch in India, the practical reality has been different. Moreover, Tesla needs to offer an affordable car for the Indian market and establish a robust charging network.
The price of the C40 Recharge for India has not been revealed by Volvo. However, it is expected to come at a slightly higher premium compared to the XC40 Recharge, which is available at ₹56.90 lakh (ex-showroom). The C40 Recharge is likely to be priced close to ₹60 lakh (ex-showroom).
Globally, the Volvo C40 Recharge is available with single-motor RWD and dual-motor AWD options. The dual-motor variant features a 78 kWh battery pack, providing a 420 km range on a single charge and delivering 402 bhp of peak power and 660 Nm of maximum torque. The India-specific model is powered by an E80 battery pack, enabling a range of 530 km on a single charge and claiming a 0-100 kmph sprint in 4.7 seconds, with a top speed capability of 180 kmph.
In 2018, Volvo Car India sold 2,600 units, while last year's sales reached approximately 1,800 units in the domestic market. When asked if the company could surpass these sales figures this year, Volvo Car India Managing Director Jyoti Malhotra stated, "We aim to exceed them. I am very confident in terms of demand, but there are still constraints on the supply side."
Compared to other automobile companies operating in the Indian market, Volvo lags behind. Major players like Maruti Suzuki, Hyundai, and Tata Motors will present strong competition to any company planning a significant entry into India. Earlier this year, in February, the company stated its intention to go fully electric in India by around 2025, well ahead of its global target of becoming a fully electric car company by 2030.
The C40 Recharge will be imported as completely knocked-down unit and assembled at Volvo Cars' Bengaluru plant, similar to the process for the XC40 Recharge. Volvo Cars' current India portfolio includes the fully-electric XC40 Recharge, as well as the SUVs XC90, XC60, and XC40, and the sedan S90.
Given the lack of clear pricing details for the Volvo C40 Recharge, it is difficult to predict its success in the Indian market. Considering Volvo's relatively small sales volume in India, the growth percentage may be strong, but the actual numbers might remain low due to the vehicle's premium segment pricing.