Volvo Car India on Wednesday announced an increase in the ex-showroom prices of its petrol mild-hybrid models with immediate effect. The Swedish company said that the prices of the mild-hybrid variants of its XC40, XC60, S90 and XC90 are increased by up to 2 percent as a result of the increase in customs duty as announced in the Union budget 2023.
Jyoti Malhotra, Managing Director, Volvo Car India, said in a statement, “The changes in Customs duty as announced in the recent budget has resulted in an increase in input costs of our petrol mild-hybrid models. This has resulted towards marginally increasing the price of our mild hybrids.”
Following the price increase the price, the Volvo XC40 B4 Mild Hybrid will now be offered at Rs 46.4 lakh, and XC60 B5 Mild Hybrid will cost Rs 67.5 lakh. The S90 B5 Mild Hybrid will be priced at Rs 67.9 lakh, while the XC90 B6 Mild Hybrid will be at Rs 98.5 lakh. All prices are ex-showroom, New Delhi.
Mild hybrids, which are also known as power-assist hybrids or battery-assisted hybrid vehicles, are cars with an internal combustion engine paired with an electric machine in a parallel hybrid configuration.
This allows the engine to be turned off whenever the car is braking or stopped and then quickly restarts once power is required. Mild-hybrids employ regenerative braking to assist the internal combustion engine (ICE) but do not have an electric-only mode of propulsion.
Volvo’s all-electric SUV XC40 Recharge, petrol mild-hybrids XC90, XC60, XC40 and S90 are being locally assembled at the Bengaluru plant. Volvo Cars currently markets products through 24 dealerships in the country.
Meanwhile, Volvo, which is making significant strides in the electric vehicle market in India, is optimistic about the future of EVs in India. Nick Connors, the APEC Head at Volvo, had last week said there is a strong and growing demand for EVs in the country, and the company is well-positioned to capitalise on it.
Connors had said, “We plan to grow in India by developing our electric vehicle portfolio. We think there is a very strong and growing demand for pure electric vehicles.”
As part of its efforts to strengthen its position in India, Volvo plans to start production of the C40 BEV at its Bengaluru plant. This move is significant as it will help the company cater to the growing demand for electric vehicles in the country while also contributing to the local economy.
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