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Mercedes-Benz India sees accelerated growth in top-class car sales

Mercedes-Benz India sees accelerated growth in top-end car sales

Through PTIA Oct 16, 2022, 16:17 IST (updated)

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According to Santosh Iyer, Vice President – Sales and Marketing – Santosh Iyer, the company, which sold 11,469 units in the January-September period this year, surpassing what it sold in all of 2021, has 30 percent of its revenue from its peak. – end vehicles.

Mercedes-Benz India has said it is witnessing accelerated growth in sales of its top-of-the-line cars priced above Rs 1 crore, after selling 68 percent more such vehicles in the first nine months of 2022.

According to Santosh Iyer, Vice President – Sales and Marketing – Santosh Iyer, the company, which sold 11,469 units in the January-September period this year, surpassing what it sold in all of 2021, has 30 percent of its revenue from its peak. – end vehicles.

Mercedes-Benz India had sold a total of 11,242 units by 2021. “When I look at it internally, we see a 68 percent growth in our TEV segment, our top end luxury car segment, compared to the overall growth of 28 percent. Today, 30 percent of our sales are in top-end vehicles, autos above Rs 1 crore price. So that again shows the maturity of the Indian luxury car market,” Iyer told PTI.

The luxury car market used to be driven more by entry-level cars, but today the mix is ​​changing and maturity is much higher, said Iyer, who has been appointed to the position of Managing Director & CEO of Mercedes-Benz as of January. Benz India to take over. 1, 2023. “It also shows a very strong consumer power of the luxury customer,” he added.

While the Rs 1 crore-plus cars account for 30 percent of total sales, Iyer said, “demand will be around 40 percent” as the company has a total of 7,000 units of pending orders across its product range. Mercedes-Benz India’s portfolio of cars priced above Rs 1 crore includes premium SUVs and sedans such as GLE 450, GLE400d, GLS, GLS Maybach along with sedans such as S-Class, S-Class Maybach, G-Class, AMG E53 and E63 AMG along with electric sedans EQS and EQS53 AMG.

The newly launched EQS electric sedan has already received more than 300 confirmed bookings. When asked whether the top vehicles’ share of total sales could grow further this year, he said it will depend on inventories.

“The availability of some of these top-of-the-line vehicles is also challenging in terms of supply. We’ll have to wait and see, but it’s clear that the strategy in India and globally is to increase our share of top-of-the-line vehicles. We’re very focused on being a true luxury brand to push those segments much higher,” Iyer said. GLS, S-Class Maybach, G-Class and GLS have a nine-month waiting period, while the other car lines are three to four months, he added.

On the company’s overall sales growth for 2022, Iyer said Mercedes-Benz India maintains its forecast of double-digit growth, while also aiming to outperform the record 15,538 units sold in 2018.