The company introduced a new variant of its existing SUV, XC90, in the Indian market, priced at Rs 58 lakh (ex-showroom, Delhi).

"Not many people are affected at the top end by the ongoing global financial crisis and the luxury segment is picking up very fast," Volvo Car India Managing Director Paul de Voijs said in New Delhi.

He said the company is not facing any slowdown in the segment and is planning to introduce another SUV, XC60, in India after its European launch in November this year.

"We are internally preparing for the homologation process and will launch the car accordingly then," he said.

When asked if the company was considering to foray into the small car segment in India, Voijs said, "We have 1.6 litre powered engine S40, V50 and C30 cars in our portfolio. There is a possibility of these cars coming into India, but we have not taken a decision yet."

He, however, said the company did not have any intention to develop an India specific car.

The company is also expanding its dealership network to 12 by next year from the current strength of four.

"We are evaluating considering to open our dealerships in Kochi, Bangalore, Chennai, Pune, Ahmedabad, Kolkata and Jaipur in the coming months," Voijs said.

On its newly launched SUV, XC90 R-Design, Voijs said the car would be available with a V8 4.4 litre petrol engine.