Volvo's Strategic Stance on India's EV Market Amidst Tax Dynamics
Volvo India considers bringing plug-in hybrids to India but faces hurdles due to current tax structures. Despite the Indian market's potential and new entrants like Tesla, tax regulations discourage the introduction of certain vehicle models. Volvo remains optimistic, observing market developments and interest in electric vehicles.
- Country:
- India
Swedish luxury carmaker Volvo has expressed interest in introducing plug-in hybrid cars to the Indian market if tax conditions become favorable, according to a senior official from Volvo's Indian subsidiary.
Volvo Car India launched an updated version of its popular XC60 model priced at Rs 71.9 lakh, marking a step towards strengthening its presence in India. Managing Director Jyoti Malhotra highlighted the potential boost from new competitors like Tesla in advancing electric vehicle adoption.
Plug-in hybrids from Volvo's global lineup face challenges due to India's current tax policy, which is less accommodating for such models. Malhotra emphasized that changes in the tax landscape could allow for future introductions of hybrid versions, while welcoming increased market competition and consumer choices in electric mobility.
(With inputs from agencies.)
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