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    Submitted by:

    Team AVENGERS

    Akanksha Saxena 11002

    Jayakrishnan Nair 11023

    Sahil Sinha 11047

    Nachiket Vanikar 11058

    Kaustubh Sinha 11145

    A project report on

    VOLVO BUSESSubmitted to: Prof. Rangan Mohan

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    Contents

    VOLVO ............................................................................................................................................. 2

    VOLVO BUSES .............................................................................................................................. 2

    VOLVO INDIA ............................................................................................................................... 2

    VOLVO DEALERS AND WORKSHOPS IN INDIA ................................................................................. 4INTRODUCTION................................................................................................................................. 5

    TARGET SEGMENT........................................................................................................................ 5

    POSSIBLE MARKET SEGMENTS .................................................................................................... 5

    MACRO LEVEL SEGMENTATION .............................................................................................. 5

    MICRO LEVEL SEGMENTATION ................................................................................................ 7

    POSSIBLE SEGMENTS IDENTIFIED ................................................................................................. 7

    GOVERNMENT .......................................................................................................................... 7

    PRIVATE TRAVEL AGENCIES AND TOUR OPERATORS.............................................................. 7

    AIRLINES .................................................................................................................................. 7

    CHOSEN SEGMENTS TO BE TARGETED ......................................................................................... 8

    GOVERNMENT SECTOR............................................................................................................ 8

    PRIVATE TRAVEL AGENCY AND TOUR OPERATORS ................................................................ 8

    SWOTANALYSIS........................................................................................................................... 10

    STRENGTHS ................................................................................................................................ 10

    WEAKNESSES ............................................................................................................................. 10

    OPPORTUNITY ............................................................................................................................ 10

    THREATS .................................................................................................................................... 11

    COMPETITORANALYSIS................................................................................................................. 12

    TATA MOTORS ........................................................................................................................... 12

    AMW(ASIA MOTORWORKS) ................................................................................................... 12

    MERCEDES BENZ........................................................................................................................ 13MARKET POTENTIAL...................................................................................................................... 13

    SALES FORECASTING ..................................................................................................................... 15

    PRODUCTS ...................................................................................................................................... 18

    VOLVO9400MULTI-AXLE ................................................................................................... 18

    VOLVO 9400 ............................................................................................................................... 18

    VOLVO 8400 ............................................................................................................................... 19

    PRICING .......................................................................................................................................... 20

    PLACE............................................................................................................................................. 20

    PROMOTION.................................................................................................................................... 21

    ADVERTISEMENT OBJECTIVES ................................................................................................... 21

    TARGET MARKET ....................................................................................................................... 21

    ADVERTISEMENT EXPENDITURE ................................................................................................ 22

    CREATING THE MESSAGE ........................................................................................................... 22

    SELECTING THE MEDIA............................................................................................................... 22

    CONCLUSION .................................................................................................................................. 24

    BIBLIOGRAPHY............................................................................................................................... 25

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    Volvo

    Volvo Buses

    Volvo Buses is one of the world's largest manufacturers of buses and bus chassis. Volvo Buses'

    product program comprises city buses, intercity buses and tourist coaches, and services in the areas

    of financing, servicing, vehicle diagnostics and traffic information systems.

    With approximately 7900 employees worldwide, Volvo Buses deals with production activities in

    Europe, North and South America, Asia and Africa.

    The head office is in Gothenburg, Sweden, where product planning and product development are

    primarily concentrated.

    Volvo Buses also has a wide-ranging distributor network for aftermarket services with servicing

    and spare parts distribution at 1200 workshops located in over 80 countries.

    Volvo India

    Volvo Buses is in India for 10 years, with its state-of-the-art factory and overall profile of being a

    complete transport solutions provider, gives it a unique ability to be in the best position to

    understand the needs of the Indian market and configure products accordingly.

    Volvos plant at Hosakote, Bangalore is one-of-its-kind facility which has incorporated the best

    practices from the Volvo Bus Corporation plants in Mexico, Poland and Finland. With over seven

    decades of experience, Volvo Buses have globally developed the principles of bus building. This

    includes:

    Methods and Processes for bus body building

    Training of people on specialized skills

    Production management that incorporates Visual Management, 5 S Processes, Safety and

    Ergonomic Work Environment

    Material handling practices

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    Today, the Volvo intercity coaches traverse all major routes in India. In the city bus segment,

    Volvo buses operate across 12 cities in India. Volvo Buses in India also exports to South Africa,

    Bangladesh and Sri Lanka. At present, there are about 5,000 Volvo buses operating in the SAARC

    region, both in the city and inter-city segments.

    The company recently unveiled its New Range of Buses. With this Volvo has become the only bus

    manufacturer in India with the largest range of high-performing buses comprising 10 models and

    variants. Customers now have the Power of Choice in high-performing buses like never before.

    Industry has been highly versed with the names from B7R to 9400, from true bus chassis to the

    current Volvo 7400 low floor city bus

    Volvo introduced several new concepts and technologies like the

    Volvo Electronically Controlled Suspension (ECS)

    Electronically Controlled Brakes (EBS)

    Volvo Engine Management System (EMS)

    Anti-lock Braking System (ABS)

    Kneeling Mechanisms in city buses

    FUP/FIP safety systems in all coaches

    Bus Multiplexing

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    Volvo Dealers and Workshops in India

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    Introduction

    Target Segment

    Volvo Buses India Private Ltd (VBIPL), the newly-formed company of the European major targets

    the public transport companies and started doing so with Karnataka. It already enjoys order for 240

    city buses from the Karnataka government. Volvo buses can be seen even on local routes in

    Bangalore.

    The companys game plan is to revolutionise public transport in metros and cities by providing

    safe, efficient and eco-friendly buses to ordinary commuters.

    After achieving success in Karnataka, Volvo is now targeting other cities such as Mumbai, Pune,

    Chennai, Hyderabad and Ahmedabad, while also looking to participate in the proposed Bus Rapid

    Transit Systems in Vijayawada, Visakhapatnam and Hyderabad.

    Possible Market Segments

    Macro Level Segmentation

    Geographical Regions

    Volvo buses can have a pan India presence, since roadways stretch throughout the lengths and

    breadths of the country. There are many parts of the country which only can be reached via roads.

    Based on type of Buses Demanded

    Intra city travel

    Buses are required for local commutation within a city. The demand of these buses is increasingwith the rise in urbanization. The need for public transportation in metropolitan and other big cities

    has risen to combat traffic and rising fuel prices.

    The characteristics of buses needed for local commutation is also different as travelers prefer a low

    floor board. The reason for this is to make their entry and exit from bus easy.

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    Inter City travel

    The rising per capita income has left people with more disposable income in their hands leading

    them to prefer a better lifestyle. This fact has been the cause of rising demand for comfort and

    luxury travelling, and Volvo stands synonyms for this class of travelling.

    Based on purchasing situation

    Straight Re-buy and Modified Re-buy

    Since many state government corporations like Karnataka State Road Transport Corporation and

    Bangalore Metro Transport Corporation have already started using Volvo buses extensively for

    Inter and Intra city travel respectively. Similar is the case with many other state government

    corporations so they either go for a straight re-buy or modified rebuy in case of buying

    modified/new models of Volvo buses.

    Same goes for tour and travel agencies which have begun using Volvo buses for example: VRL,

    Cox and Kings, Thomas Cook.

    New buy

    For the state government corporations and many private players round the country which have yet

    not switched to Volvo buses, it is a new buy situation.

    Structure of Procurement

    Will be centralized for Government bodies. Since government corporations engage in bulk

    buying the decision is generally centralized.

    Can be centralized and decentralized for private tour and travel operators. In case of private tour

    and travel agencies if the company is a big one the decision may be centralized but for manysmall players the decision is often decentralized as they might need one or two buses depending

    on their need.

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    Micro level Segmentation

    Key Criteria

    High Quality, durability, adhering to safety needs in the finest possible ways is the USP for Volvo.

    It has been delivering value in terms of these criteria and personifies comfort and premium class

    travelling.

    Purchasing Strategies

    Buyers can procure buses from many other players besides Volvo including competing brands like

    Tata Marcopolo and Mercedes Benz. Thus the buyers can have multiple suppliers.

    Importance of Purchase

    The state transport system will fall under routine and bulk purchase as they have been long term

    constant bulk buyers for Volvo.

    Travel and tour operators will generally buy once in a while may be in bulk or small numbers.

    Possible segments Identified

    Government

    It is one of the buyers which have the power to buy buses in bulk for government run transport

    system. It includes Transport Corporation of various states, government departments.

    Private Travel Agencies and Tour operators

    The private travel agencies are buyers who capitalize on the travelers who are more conscious on

    comfort of their travel. The tour operators capitalize on people who believe tourism is a getaway

    and more of an experience these days with more disposable income in their hand enabling them to

    travel in elite class buses.

    Airlines

    The various airlines in India require buses for commutation from the Airports terminals to the

    flights intra airport commutation. The buses needed are air-conditioned luxury buses as the people

    who travel by Air expect high standards.

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    Chosen Segments to be targeted

    Indian bus buyers including STUs and private fleet owners are warming up to these international

    bus brands despite their premium price tags (they cost 15-20 per cent more) for two reasons: one,

    they have the capacity to absorb higher wear and tear, and two, there is a growing demand for

    luxury and super-luxury buses from passengers.

    Government Sector

    Volvo has a very reputed name in the luxury buses. As more and more cities are upgrading

    their transport system and so this becomes a big segment to be targeted. After the JNNURM

    scheme given by the central government, the cities transport system needs to be raised to a

    new level. The state corporations buy busses in bulk. In 2005 KSRTC procured 130 high-end buses from

    Volvo. In 2009 KSRTC purchased 200 more busses. (Times Of India)

    This makes this segment a hot spot for companies like Volvo to cater to this need and also

    make them buy big.

    The tender buying process involves lot of negotiations and Volvo with its superior quality can

    cater to it with the justification of JNNURM scheme.

    Currently Karnataka and Andhra Pradesh state transport corporations are the leading buyers

    but this shows the clear potential that is available in the market.

    India with its 28 states has different state transport corporations and all in need of

    improvement of their transport systems due to the JNNURM scheme.

    Private Travel Agency and Tour operators

    The Volvo 9400 intercity coach has brought in a new concept in bus travel in form of a true

    bus chassis and everything that defines efficient bus travel: vehicle uptime, ride comfort,

    transport economy, safety, quick, on-time travel and reliability.

    This coach perfectly suited for long distance intercity operations, ideal for excursions as well

    as short trips for city tourism

    People love to travel with luxury and travel safe, Volvo is known for these features.

    The standard of living of people are increasing they try to use premium travel services.

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    This becomes another hot segment that Volvo has to target.

    There is always the threat of competitors and imitators but with the quality that Volvo has this

    is a very good segment.

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    SWOT Analysis

    Strengths

    A household name for comfort, safety and luxury.

    A benchmark in the air-conditioned luxury bus market in India

    The undisputed heavyweight champion in a market that is growing at 9-10 per cent

    annually.

    Product of a very trusted and prestigious brand VOLVO.

    Weaknesses

    The fare of plying with VOLVO buses is much higher in comparison to any other type of

    buses.

    There is a huge segment of Indian population which cannot afford to travel in VOLVO

    buses.

    Opportunity

    Rise in fuel prices will trigger the emergence of VOLVO buses as a commutation vehicle

    for the segment using their personal vehicle for the same use.

    Increase in the per capita income of the citizens has enabled people of marginally lower

    income group to opt for better travel/commutation experience and has enabled them to

    afford more.

    High urbanization, ample numbers of people are shifting to metropolitan areas and other big

    cities. Increase in the need of public transportation in metropolitan and other large cities due to

    heavy traffic and commutation charges.

    The education boom has supported by aggressive safety campaigns by the traffic police in

    various cities and has been a key driver of the buses of this segment.

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    Threats

    It is not a lone player in the luxury bus market. Tata Motors and Ashok Leyland are set to

    penetrate the luxury bus market. Mercedes Benz has some very good products.

    Since VOLVO is a foreign player, if players such as TATA Motors and Ashok Leyland

    come up with good products in this category they will have a greater hold and reach in the

    Indian market.

    Extensive railways network in most part of the countries offering similar services at less or

    competitive prices.

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    Competitor Analysis

    Tata Motors

    Tata Motors is the major competitor for Volvo after its joint venture with Marcopolo of Brazil, and

    the earlier strategic alliance with Hispano Carrocera of Spain, have fructified in the launch of its

    new range of fully-built coaches under the Globus brand, and a range of branded buses under the

    Starbus portfolio.

    The Starbus range is assembled and supplied by Tata Motors along with its joint venture partner,

    Marcopolo, at Dharwad in Karnataka. These 32-seater buses are disabled-friendly and feature roof-

    mounted alternative fuel cylinders (for Compressed Natural, Gas), gas leakage detection and alarm

    systems, speed governors, pneumatically-controlled doors operated by the driver, rear engine and

    alphanumeric destination display boards. The company has already bagged an order for 500

    vehicles from the Delhi Transport Corporation. Its buses can also be seen in Mumbai and Pune.

    Tata Motors will enter the luxury coach segment this quarter with the launch of Divo.

    This model will compete against those of Volvo and Mercedes, but will be 10 per cent cheaper.

    The worlds largest selling bus manufacturer, Daimler-Chrysler, has a joint venture with Sutlej

    Motors Ltd (SML), a Jalandhar based bus body manufacturer.

    (http://www.ibef.org/download/Transportation_260908.pdf)

    AMW (Asia Motor Works)

    AMW announced its intention to enter the bus market with the unveiling of its luxurious new

    MAGNUS model. This 14.3 metre long inter-city bus will offer a host of comfort features to ensure

    a stress-free journey and take on established competitors at the very top of the bus market in India

    The bus is a twin-axle design and when launched, will compete with the Volvo 9700. Importantly,

    this is the first front-engined twin-axle bus in the country and it will be produced at AMW's Kutch

    facility on the same production line as the existing trucks.

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    The twin-axle bus will initially be produced as an inter-city bus and a low-floor, intra-city bus will

    be introduced later on. The bus is most likely to be launched in 2013.

    (http://www.buscoachindia.com/news.php?id=66)

    Mercedes Benz

    German auto major Mercedes-Benz has entered the bus segment in the country with the launch of

    its Mercedes-Benz intercity luxury coach. The coaches stand for the latest and best tech technology,

    design, comfort, reliability and performance. The company has tied-up with Jalandhar-based Sutlej

    Motors for building the bus bodies, while assembly would be done at its Pimpri plant and later at

    Chakan. (http://www.financialexpress.com)

    Market Potential

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    The size of the Indian bus market during 2011-12 was nearly 35,000 units, of which 7,000 units

    were for inter-city buses and the remaining 28,000 units, for intra city buses. Within the inter-city

    bus market, luxury buses comprise of about 700 units. There is a huge growth potential in the

    Indian bus market, considering there are now just 0.75 buses every 1000 people.

    If we consider other developing markets Brazil has 1.5 buses, Russia has 10 buses and China has 7

    buses per 1000 respectively.

    The Indian bus market has been growing at a CAGR of 9 per cent since 2005 and is likely to grow

    at a similar pace during the next decade too. The Total Industry Value (TIV) would be close to the

    100,000 mark by 2015, if the growth rates are sustained at the expected pace. (Patel, Catchin the

    Bus, 2012)

    The market for buses is expected to remain buoyant, as millions of consumers travel on holidays,

    business and for social purposes. With highways being expanded and hundreds of kilometres of

    new expressways being built, bus travel is set to emerge as a major component of the transport

    sector.

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    Sales Forecasting

    The Indian Bus market has been growing at a CAGR of 9%, with the Heavy duty vehicles segment

    grown at 19.4% and the LMD buses at 24.8%. Since its inception in 2006, the sale of Volvo Buses

    India has been growing steadily. It inaugurated its first manufacturing unit at Hoskote, Bangalore in

    the year 2008 with a manufacturing capacity of 1,000 units. In the year 2012, Volvo Buses India

    invested about Rs 400 crore to ramp up the existing capacity of its Bangalore facility to 2,500 units

    per year from 1,000 units a year. According to the CEO of Volvo Buses India Akash Passey, the

    sales would grow by 30-40 percent over the previous year the sales of Volvo Buses for the last five

    years are as follows:

    Year Sales (Units) Growth % (Y-O-Y)

    2007 200 --

    2008 440 120%

    2009 535 22%

    2010 560 5%

    2011 800 43%

    For the sales forecasting of the next three years various forecasting techniques are available such as:

    Times Series Methods

    Casual Methods

    Judgemental Methods

    The following table gives the sales forecast using various time series methods like the movingaverage, exponential smoothing & trend adjusted exponential smoothing. However for sales

    forecasting for more than 2 years, time series methods like the exponential smoothing, trend

    analysis, moving average method doesnt give a true picture and hence we will have to use the

    casual methods or thejudgemental methods for forecasting the future sales.

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    Method 1 - 1-Period Moving Average

    Forecast for next year 800

    Method 2 - Weighted Moving Average:

    Forecast for next year 752

    Method 3 - Exponential Smoothing:

    0.2

    Initial Forecast 200

    Forecast for next year 445.056

    CFE 985.28

    MAD 328.4266667

    MSE 114680.7008

    MAPE 0.515230485

    Method 4 - Trend-Adjusted Exponential Smoothing:

    0.2

    1

    Initial Average 200

    Initial Trend 0

    Average for last period 626.848

    Trend for last period 163.168

    Forecast for 2012 790.016

    Forecast for 2013 953.184

    Forecast for 2014 1116.352

    Forecast for 2015 1279.52

    Forecast for 2016 1442.688

    CFE 575.84

    MAD 191.9466667

    MSE 39487.8112

    MAPE 0.310759657

    As

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    no information on the advertisement or sales expenditure for the next three years is available for

    casual method, we are using the Judgemental method for sales forecasting and the forecast for the

    next three years is as follows:

    Year Sale (units)

    2012 1000

    2013 1150

    2014 1325

    The following are the reasons for the projections made:

    Due to high fuel prices, more people are opting for mass transportation

    The Indian bus market growing at a CAGR of 9% (Patel, Catching the bus, 2012)

    Heavy Duty vehicles growing at 19.4% (Patel, Catching the bus, 2012)

    More cities of the country upgrading their bus services

    The current slowdown will impact the bus industry, which will have negative growth of 5

    per cent in 2012-13 (Kulkarni, 2012)

    Volvo Buses India targeting growth of 25% annually (http://www.motorindiaonline.com,

    2012)

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    Products

    Volvo India has three product offerings; these three products cater to two basic segments. They are

    intercity buses and City buses. The three products are described below,

    VOLVO 9400 MULTI-AXLE

    The Volvo 9400 6x2 multi-axle intercity coach takes this high performance to the next level.

    Contemporary in design and styling, it is an advanced transport solution for operators and

    passengers. For customers it translates into increased revenues and improved transport economy

    and for the passengers it means an even more comfortable ride on long distance travel.

    (http://www.volvobuses.com/bus/india/en-in/buses/Volvo9400_multi-axle/Pages/Introduction.aspx)

    Volvo 9400

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    The Volvo 9400 is an intercity coach designed in Europe and built in India at Volvo Buses facility

    at Hosakote, Bangalore. It incorporates contemporary European bus design with qualities such as

    solid construction, reliability, economy, comfort, safety and a host of new features. And above all it

    is designed to meet the high standards, for operators to ensure maximum passenger satisfaction and

    full capacity business operations.

    (http://www.volvobuses.com/bus/india/en-in/buses/Volvo9400/Pages/Introduction.aspx)

    Volvo 8400

    The Volvo 8400 city bus combines the most advanced technology, design, features and safety for

    efficient and eco-friendly city road transportation. A robust and dependable construction promotes

    high operating reliability, while the low-entry helps swift passenger thorough-flow. The light

    weight chassis also makes it possible to carry more passengers. These properties make the Volvo

    8400 low-entry a truly advanced alternative to meet the needs of growing and congested cities.

    (http://www.volvobuses.com/bus/india/en-in/buses/Volvo8400/Pages/Introduction.aspx)

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    Pricing

    The pricing strategy that Volvo uses has always been a Premium Strategy where they give high

    quality products at a high price. They have always focussed on the quality part of the value. The

    price they believe can be explained by the quality of products that they put into the market.

    Quality has again two parts which are Product and service, Volvo should focus on giving the buyers

    good service for their products as they will have to justify their higher prices to the quality of

    product that they put in the market.

    In business marketing the buyers do not look for only the product, they look for the entire solution.

    The core product should be supplemented with augmented products like the one the Volvos supply

    for the buses plying from all parts of the Bangalore to Airport where in they provide LCD screens

    in front of every seat. This gives the bus; a fun filled journey in a city filled with traffic and takes

    forever to reach airport.

    Place

    The place where Volvo buses can be sold or the target markets are

    1-tyer cities

    2-tyer cities

    Since Volvo buses has the premium products which are sold at a higher prices due to their premium

    pricing strategy, these bus travels are affordable only in these places. The demand will keep on

    increasing as the time passes by because in time an average Indians purchasing power is going to

    increase.

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    Promotion

    In India the market for luxury buses is very much alive as India is a developing country and the

    transport buses presently in Indian market are mainly non luxury. There seems to be change in the

    trend as more and more people in urban cities prefer to travel in luxury buses and that presents the

    opportunity for companies like Volvo to pitch in.

    Volvo buses can be promoted through television ads by using taglines such as Why travel in

    ordinary buses when you have the Volvo? The basic idea to stimulate demand should be by

    creating a positive atmosphere in the segments that the company is targeting.

    There are also the promotions that come up in the magazines which can create a demand for the

    buses. The print ads have the greatest impact on auto lovers as can be phrased for people who are

    madly behind the specifications. The magazines like Business India will have an impact on people

    who eventually make the decision as to buy Volvo or any other competitors products.

    The basic idea should be to create a message such that

    It can,

    Grab the attention of the customers

    Enable the customers to interpret

    Focus on problem solutions, Benefits and Cost efficiencies

    Advertisement Objectives

    To create a recognition of Volvo as a substitute for luxury buses in the minds of travellers

    The idea should be focussed on travellers who focus on the specifications as well as on

    those who are unaware of the specifications.

    Target Market

    The two target segments for the Volvo products are

    Intercity buses

    City buses

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    Advertisement Expenditure

    A better method will be to use the objective-task method for the calculation of advertisement

    budget. Volvo has the objective to create sales of $1 billion.

    (http://www.financialexpress.com/news/volvo-buses-eyes-1bn-turnover-in-four-years/760750/2)

    Therefore taking this into account we can estimate that a percentage of this value say, 5% could be

    used as advertisement expenditure.

    Thus the value of advertisement budget will be $50 million

    Creating the message

    The message should focus on the luxury of travel in Volvo buses while compared to other transport

    modes. The following points should be considered for the creation of message

    There are two products in the market and therefore two types of advertisements, one on the

    basis of intercity travel and the other on city buses.

    The advertisements should focus on building a link between the travellers and Volvo as a

    mode of transport.

    The focus should be to create Volvo as a synonym to luxury bus travels in India

    Taglines such as Why travel in ordinary buses when you have the Volvo? can be used forthe promotional ads

    Selecting the media

    The media selection should be a three prone selection

    Trade shows

    Print ads

    Television ads

    The trade shows should be used as a promotion method to let the people aware of their new

    products. Their upcoming models and everything about their products should be projected through

    trade shows. The tag line for the trade show should be someth ing like Travel like never before.

    This can be used as a platform to bring in all of Volvos products like Cars, trucks and all the other

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    products. Thus the trade show can be used for as a platform to show their entire set of products and

    show to the buyers Volvos entire muscle strong.

    The print ads are an effective way to get into the minds of both the buyers and travellers. The

    buyers have to be bought into loop with their new products through trade shows as well as printads. This method should be used to put in magazines like the trade journals and business

    magazines. This gives the Buyers a constant remainder of Volvos products.

    The TV ads is one area that the company can make use of to connect with the travellers. The

    travellers have to be made into a feeling that travelling in Volvo buses is the best option of travel.

    TV ads should be focussed completely on this message Sleep like a baby when you travel, The

    best way to travel, Travel like never before. These taglines will give a push to the consumers to

    ask for Volvo buses each time they go to a travel agency which causes them to buy Volvo buses.

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    Conclusion

    Luxury bus industry is growing at a very fast pace making this industry a huge potential market

    segment, ensuring great future for Volvo.

    Increasing spending power of Indian citizen is opening new ways to premium and luxury class

    travelling.

    Rising fuel prices will lead to the requirement of more and more buses as use of personal vehicles

    would no more remain feasible.

    On comparisons with other developing economies it was found that India has a huge market

    potential for Volvo as there are only 0.75 buses per 1000 people.

    Being a bright industry of future times it is expected to be witnessing a lot advents by other strong

    players, thus Volvo needs to be ready for tough competition.

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    Bibliography

    (n.d.). Retrieved from http://www.financialexpress.com:

    http://www.financialexpress.com/news/mercedesbenz-forays-into-indian-luxury-bus-

    segment/356014/

    (2012, May 14). Retrieved from http://www.motorindiaonline.com:

    http://www.motorindiaonline.com/2012/05/14/volvo-bus-targets-25-per-cent-annual-growth-by-

    2015/

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