Mercedes-Benz bets on India's nouveau riche to drive luxury car sales

Global carmakers' biggest growth hurdle, however, is a shortage of semiconductors and logistics woes worsened by Russia's invasion of Ukraine

Germany's Mercedes-Benz is betting that a growing crop of young new millionaires will drive demand for luxury cars in India, growing sales at a pace faster than that of mass market cars, a top company official said.

India's increasing numbers of "dollar millionaires" include young entrepreneurs or high-earning professionals who appreciate the luxury element and technology of the cars, said Martin Schwenk, chief executive of Mercedes-Benz India.

"The base is getting broader and gradually moving beyond our traditional customers," Schwenk told Reuters in a recent interview in the western industrial city of Pune, home to Mercedes' India headquarters and manufacturing