Swedish carmaker Volvo today slashed prices of its three luxury models in India by introducing new variants of the sedan S60, S80 and sports utility vehicle XC60 at introductory price between Rs 23.2 lakh and Rs 35.9 lakh (ex-showroom Delhi).

The current prices of these models ranged between Rs 27 lakh and Rs 39.5 lakh.

"We have introduced the three variants with new D3 diesel engine. In the light of changing customer and market dynamics, we have launched our most successful global models in India in the last two years," Volvo Auto India Managing Director Tomas Ernberg told Reporters here.

The company will sell the variants as Completely Built Units (CBU) in India, he added.Volvo is targetting 15 per cent share of India's luxury segment by 2020 by selling over 20,000 units a year by then.

Last year Volvo Auto India had sold 320 units and is aiming to sell 800 vehicles in 2012, Ernberg had said.

The company is targeting to be in the top three positions of the Indian luxury market, currently controlled by the German majors —- BMW, Mercedes-Benz and Audi.