Volvo Car India will introduce one electric vehicle every year with an aim to turn its entire portfolio into e-cars ahead of 2030.

“We will try to have a fully electric portfolio earlier than that,” said Jyoti Malhotra, managing director, Volvo Car India, in a telephonic interaction with The Telegraph.

The company till now has two EVs, the XC40 Recharge that it launched last year, and the recently showcased C40 Recharge that will debut in August.

Malhotra said about 27 per cent of its sales in FY23 has come from EVs. “We have a 25 per cent market share in the luxury EV segment during the January to May 2023 period,” he said.

The C40 Recharge will further increase the market share, feels the MD. “We will start taking orders from August and deliveries from September,” he added.

The C40 Recharge is a born-electric compactSUV built on Volvo’s Compact Modular Architecture(CMA) platform and has a range of 530km, claims the company.

The company while refusing to share sales figures is yet to touch its previous high sales of 2,600 cars in 2018.

“We will end this year with best ever performance,” said Malhotra. “Demand is back in the luxury segment and if we don’t face supply issues we will surpass our previous high figures,” he added.

Volvo is faced with a supply shortage due to the semi-conductor crisis as well as geo-political issues. The Volvo Car India website mentions a shortage of semiconductors.

It states: “Due to the persisting global semiconductor shortages affecting multiple industries the Blind Spot Information System (BLIS) is not available for specific models.”

It further says: “We are working closely with both suppliers and logistics partners to minimise the impact and secure supply for all our plants globally.”

The Volvo portfolio now has the SUVs, XC90, XC60 and XC40, and a sedan S90 apart from the two EVs.