Swedish luxury carmaker Volvo Cars will launch only electric cars in India going forward and not sell petrol and diesel-powered vehicles in the market “beyond the 2030 deadline”, a top executive said.

“The new products that we will bring to the market will be electric,” Martin Persson, head of Volvo Cars for the Asia Pacific (except China) region, told ET. “We still have the ICE (internal combustion engine) products and we think they are competitive for customers who want that. It is not about taking that away. But, at the same time, the future is pretty clear.”

Globally, Volvo Cars aims to switch completely to electric vehicles by the end of the next ten years.

In India, where it currently registers about 25% of its sales from EVs, the market for electric cars is still small but is growing exponentially, the company said. As more vehicles come in, new customers will come forward, accelerating adoption, it said.

Volvo Cars wants to bring out a new electric car every year for the next few years to take advantage of this quickly changing area.

First up for launch is the EC30 in 2025, followed by the top-end EC90. A timeline for the launch of the flagship electric model will be announced shortly, executives said.

Persson said the Indian market is evolving at a pace similar to Japan and Korea, where sales of electric vehicles are limited at about 2%, currently. “But the penetration (of EVs) in the luxury segment is higher than that in the mass market,” he said.

In India, where it currently registers about 25% of its sales from EVs, the market for electric cars is still small but is growing exponentially, the company said. As more vehicles come in, new customers will come forward, accelerating adoption, it said.

Volvo Cars is looking to introduce one new electric vehicle every year for the next few years to tap into the potential of this fast-evolving space.

First up for launch is the EC30 in 2025, followed by the top-end EC90. A timeline for the launch of the flagship electric model will be announced shortly, executives said.

Persson said the Indian market is evolving at a pace similar to Japan and Korea, where sales of electric vehicles are limited at about 2%, currently. “But the penetration (of EVs) in the luxury segment is higher than that in the mass market,” he said.