Rapid economic growth in India has wrought a fundamental shift in attitude towards luxury purchases among its younger generations
Luxury carmaker Mercedes-Benz India plans to roll out 8 new models, including battery electric vehicles, this year as it looks to sustain sales momentum having posted record sales in 2024. The company sold 19,565 units last year, registering a growth of 12 per cent as compared to 17,408 units in 2023. Mercedes also saw sales of battery electric vehicles almost doubled in 2024 as compared to 2023. The company said one out of the four vehicles it sold last year was a top end vehicle (TEV) with a price tag exceeding Rs 1.5 crore. In an interaction with PTI, Mercedes-Benz India Managing Director & CEO Santosh Iyer said the new launches would be a mix of new models as well as fresh versions of the existing line up. The company introduced 14 new models last year in India. Iyer noted that the company remains optimistic as sales growth to continue in 2025 as well despite witnessing some headwinds in the second half of last year. In the second half of last year, the market growth actuall
German luxury carmaker Mercedes-Benz on Monday said Emrah Ozer has been appointed as its Chief Financial Officer for its Indian operations as part of an organisational change in its finance and controlling function effective since January 1, 2025. Ozer, currently associated as a Member of the Board of Management and Head of Finance & Controlling, Mercedes-Benz Otomotiv Turkey, will be inducted into the Board of Mercedes-Benz India as Executive Director in due course of time. He succeeds Evren Cakabey who has taken over as the Executive Director & CFO, Mercedes-Benz G GmbH, Austria, effective January 1, 2025, Mercedes-Benz India said in a statement. Commenting on Ozer's appointment, Santosh Iyer, Managing Director & CEO, Mercedes-Benz India, said the company will benefit from his rich expertise in managing International Finance, business modelling and investor relations. "We are confident that Emrah, with his diverse international financial experience and proven track ...
India's luxury car market sees rapid growth, with over 50,000 units expected to be sold in 2025, supported by rising wealth, new model launches, and a thriving affluent class
For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes-Benz leading the way
A notice dated Sept 30 says Volkswagen used to import 'almost the entire' car in unassembled condition -- which attracts a 30-35 per cent import tax in India under rules for CKD, or completely knocked
Luxury carmaker BMW India on Friday said it will increase prices of its entire model range by up to 3 per cent from January next year. The new prices will be effective from January 1, 2025 onwards, the German automaker said in a statement. The company's range of locally produced cars includes the 2 Series Gran Coupe, 3 Series Long Wheelbase, 5 Series Long Wheelbase, 7 Series Long Wheelbase, X1, X3, X5, X7 and M340i. BMW also sells models like i4, i5, i7, i7 M70, iX1, BMW iX, Z4 M40i, M2 Coupe among others as Completely Built-up Units (CBU). Last week, Mercedes-Benz had announced to hike the prices of its vehicles in India by up to 3 per cent on its entire model range in the portfolio from January 1, 2025, citing a rise in input costs, inflationary pressures and higher operational expenses. Prices of Mercedes-Benz cars in India will get costlier by Rs 2 lakh for the GLC to Rs 9 lakh for the top-end Mercedes-Maybach S 680 luxury limousine.
German luxury carmaker Mercedes-Benz on Friday said it will hike prices of its vehicles in India by up to 3 per cent on its entire model range in the portfolio from January 1, 2025, citing a rise in input costs, inflationary pressures and higher operational expenses. Prices of Mercedes-Benz cars in India will be revised by Rs 2 lakh for the GLC to Rs 9 lakh for the top-end Mercedes-Maybach S 680 luxury limousine, Mercedes-Benz India said in a statement. The combination of rising input costs, inflation, and higher operational expenses has been exerting considerable pressure on Mercedes-Benz India's business operations and the company has been absorbing the rise in operational cost since the last three quarters, it added. "Over the past three quarters, we have been facing increased pressure on our cost structure primarily driven by escalating material cost, fluctuating commodity pricing, increased logistics expenses and inflationary cost," Mercedes-Benz India Managing Director & CEO
German luxury carmaker Mercedes-Benz is taking learnings on direct-to-consumer retailing of vehicles to its global market from India, where it has been able to clock a revenue of Rs 40,000 crore in three years of starting its 'Retail of the Future' model, a senior company official said on Tuesday. Mercedes-Benz India, which on Tuesday launched its new 'AMG C 63 S E PERFORMANCE' model equipped with F1 hybrid technology priced at Rs 1.95 crore, plans to complete conversion of all of its existing 100 outlets under the direct-to-consumer model in the next 12 to 18 months. "This October, we completed three years of the direct-to-consumer model that we started. When you look at the numbers, (we have sold) 50,000 cars and Rs 40,000 crore turnover coming just in the last three years out of 'Retail of the Future' direct transactions," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. He further said, "What makes us more proud is also that after India, now
Luxury carmakers are focusing on bringing in more models that will be made in India
German luxury car maker Mercedes-Benz India on Thursday said India has the potential to become one of the top five markets for its Maybach brand of cars in sales volume. Launching the electric version of its first-ever all-electric Mercedes-Maybach in India, the company's managing director and CEO Santosh Iyer said the launch of the new car models -- Mercedes-Maybach EQS 680 SUV manifests the firm's ambition to lead in digital and electric mobility with a focus on ultra-luxury segment. The Maybach EQS 680 SUV starts at Rs 2.25 crore onwards (all India ex-showroom). "We have got into the top 10 markets in the world (in terms of sales numbers). We are the fastest growing. We would have done (sold) more than 1,500 Maybach's across models," Iyer said. Calling the brand very strategic and important for the company, Iyer said, "We would like India to further grow in this space. We would like to come in the top five for sure it is (only) a matter of time, we see the growth potential for .
German luxury carmaker Mercedes-Benz is considering assembling more electric vehicles at its plant in India not merely to gain cost advantage but also to meet its zero emission mobility and carbon neutral setup goals, according to a senior company official. Mercedes-Benz India, which currently assembles its flagship electric luxury sedan EQS at its Chakan unit, is considering localisation of other models depending on demand. "Our final goal is zero emission mobility and carbon neutral setup, which not only means about tailpipe emissions, but also from the recyclability of the car, to the carbon footprint that we generate by producing these cars," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI. He further said,"We have to look at this holistically and therefore producing EVs was the logical step and we will continue in that direction as the market demand changes." Iyer was replying to a query over Mercedes-Benz India's long-term plans for local assembly of EVs in
German luxury carmaker Mercedes-Benz on Thursday reported its highest-ever retail sales in a financial year in India in 2023-24, driven by strong demand for its SUV range. The company sold 18,123 units last fiscal, a growth of 10 per cent over 16,497 units in the 2022-23 fiscal. "We achieved the best-ever month, highest-ever quarter and best-ever fiscal in India. This trust reflects in the unmatched desirability for Mercedes-Benz in India, resulting in an overwhelming customer response," Mercedes-Benz India MD and CEO Santosh Iyer said in a statement. In the January-March period this year, the automaker sold 5,412 units, an increase of 15 per cent over 4,697 units in the first quarter of last year. The automaker said it plans to introduce nine new models this year in the country, including three new battery electric vehicles (BEVs). The company said it will strengthen its AMG performance range with the launch of the AMG S 63 e-Performance sedan and the AMG C 63 e-Performance in th
The luxury car market in India could exceed 100,000 annual sales by 2030, says Region Overseas Head Sagree Sardien
Currently, all electric vehicles (EVs) benefit from a concessional GST rate of five per cent, while vehicles running on internal combustion engines (ICE) are charged a 28 per cent GST
The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space. The Union government is all set to present the interim budget on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said. The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated. Luxury vehicles currently attract the top GST slab of 28 per cent with an additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking
The German carmaker, which leads the luxury car market in the country, recorded a 10 per cent year-on-year growth to 17,408 units in 2023
German luxury carmaker Mercedes-Benz will invest Rs 200 crore in India this year on new products, manufacturing operations and digitisation, to strengthen its position after posting record sales of 17,408 units in 2023, a top company official said on Monday. Mercedes-Benz India will have more than 12 launches in 2024, including three electric vehicles, out of which half will be in the top end vehicle segment (TEV) and will be priced Rs 1.5 crore onwards. "This year marks a special year as we celebrate 30 years of Mercedes Benz in India. We are going to invest Rs 200 crore more into our factory in Pune. This takes a total investment of Rs 3,000 crore in India now. So that's a strong statement of intent," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interview. These investments will be towards manufacturing operations, new product startups and digitisation of the manufacturing process, he added. In 2023, Iyer said, the company recorded its best-ever year ..
Shahid Kapoor and his wife Mira have become the owners of the brand-new Mercedes Maybach GLS 600 worth Rs. 3.5 crore, also owned Ranveer Singh, Kriti Sanon, Ayushmann, among others
German luxury carmaker Mercedes-Benz on Wednesday said it will hike prices of select models in India by up to 2 per cent from January 1 next year to partially offset rising input, commodity and logistics costs. The price hike will range from Rs 60,000 for the C-Class to Rs 2.6 lakh for a GLS SUV and up to Rs 3.4 lakh for the top-end imported Mercedes-Maybach S 680. "High-cost pressures driven primarily by rising input costs, commodity pricing, and increased logistics costs, combined with inflationary pressures have been exerting cost pressure on our overall operations. "As we rein in higher efficiencies to offset these rising costs, a slight price adjustment for select models is necessitated to sustain our profitable business operations and retain the price positioning," Mercedes-Benz India Managing Director and CEO Santosh Iyer said in a statement. He further said, "While we continue to absorb the majority of this increase, a small portion must be passed on to the market to offset