Bengaluru: Swedish luxury auto maker Volvo on Tuesday rolled its first 'Made in India' car assembled at its plant here.
"The first luxurious XC90 model car rolled out from our Bengaluru assembling plant as we planned earlier," said the company in a statement here.
With India showing huge potential for luxury cars, the European auto major has decided to assemble more models based on its SPA modular vehicle architecture.
"Besides XC90 car, more models on the SPA architecture are slated for assembly at our Bengaluru plant," said Volvo Auto India Managing Director Charles Frump.
The company sells 10 luxury models spanning sporty sedan, cross-country, all- road and all-weather sedan, a performance sedan and a hatchback.
The passenger car subsidiary works with the Volvo Group India which makes trucks, buses, construction equipment and Penta engines at its plants near Bengaluru.
"The roll-out of our first locally assembled car speaks volumes for our commitment to grow in India, where we have increased our market share and are on track for bigger share in the segment," said Frump.
As the Indian luxury car market is projected to grow in the coming years, Volvo is aiming to double its share to 10 per cent by 2020 from 5 per cent currently.
"As we had a robust 32 per cent growth in sales volumes in the last two years, our plan is to sell 2,000 cars this year to register 25 per cent annual growth," noted Frump.