Swedish auto major Volvo today launched its premium petrol car variant — Volvo S60 — in India.

Priced at ₹42.70 lakh (ex-showroom Chennai), the S60 will compete with BMW and Audi models, said Tom Von Bonsdorff, Managing Director, Volvo Auto India.

The car manufactured at the company’s plant in Ghent, Belgium, is powered by a 2-litre, 4-cylinder engine that is good for 306 HP and 400 Nm torque.

In Chennai, the car was launched at Volvo’s new dealer — Artemis Cars.

Volvo’s recent launch of XC90, V40 Cross Country Petrol and V40 luxury hatchback and now S60 petrol will add a thrust to the brand’s presence in India, he told newspersons. India is one of the fastest growing markets for cars.

Volvo currently sells five luxury models, he said.

Bonsdorff said Volvo hopes to increase market share in India to around 10 per cent by 2020 in the premium segment from 3.5 per cent now, through new models and an expanded dealer network.

Strong sales growth Last year, Volvo India sold 1,200 cars.

“We are expecting a double-digit growth,” he said without giving any numbers.

While Volvo has a strong presence in the bus segment, Bonsdorff hopes the company will get a similar response to its cars too.

Volvo India, established in India 2007, currently markets its products in 14 cities, including Delhi, Mumbai and Chennai.

Soon, it will have a dealer in Kolkata, and by the year end have presence in around 20 cities, Bonsdorff said.

He ruled out plans to manufacture cars in India in the near future.