- By Divanshi Sharma
- Fri, 15 Dec 2023 11:28 AM (IST)
- Source:JND
Volvo Car India, a Swedish luxury automobile manufacturer has announced that it is set to increase prices of its cars from January 2024. Volvo has confirmed that it will implement price hikes of up to two percent across its model range. Volvo Car India attributes the reasoning behind this price increase to escalating input costs and fluctuating foreign exchange rates.
Other luxury car manufacturers like Mercedes Benz, Audi and BMW have also declared to hike prices of their models starting next month. Not just luxury manufacturers but almost all automobile manufacturers have made similar announcements. “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,” said Jyoti Malhotra, MD, Volvo Car India.
Volvo’s current vehicle line-up in India includes models like the Volvo S90 sedan and two SUV models which are Volvo XC60 and Volvo XC90. The Swedish automaker also offers two electric models - Volvo C40 Recharge and Volvo XC40 Recharge.
Volvo C40 Recharge
Volvo’s latest offering in the country is the Volvo C40 Recharge electric SUV which was introduced in India in September 2023. It competes with other premium electric car models like the Kia EV and Hyundai Ioniq 5. The C40 Recharge is equipped with two electric motors and a 78 kWh lithium-ion battery pack that churn out a power output of 402 bhp and 660 Nm of torque. This power is sent to all four wheels of the EV as it features an AWD powertrain. The battery pack fitted in the C40 Recharge is capable of delivering a driving range of 530 km on a single charge.