Swedish bus manufacturer Volvo Bus Corporation on Wednesday announced plans to introduce a ‘value’ segment in emerging markets.
The value segment, which the company claims to be a first-of-its-kind concept in the bus market, will be rolled out in India next year.
Following the announcement, the company has also decided upon a dual-brand strategy involving the value segment for emerging markets, according to AB Volvo Executive Vice-President (Business Areas) Hakan Karlsson.
“We will be introducing a product under the value segment for the first time in India, in 2014, for which we already have a product trial concept. Presently, we are involved in deciding upon an industrial strategy involving the building and production of the product,” Karlsson said.
The buses within the value segment are priced in the range of Rs 40 to 60 lakh.
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