One one side, the India growth story continues to stun the world, even as larger and merging economies such as China, Brazil and developed markets such as the US, Japan and Germany are witnessing muted growth.
Luxury products across categories in India seem to be the flavour of the season.
The most recent anecdote being the sales of car maker Mercedes Benz India.
The company reported its best ever H1 Sales with 9,262 Mercedes-Benz cars delivered, marking a +9% growth over H1 FY ‘23.
Santosh Iyer, MD & CEO at Mercedes-Benz India Pvt. Ltd. said on a post on his LinkedIn page, “Today marked an exciting milestone as we unveiled the EQA and its sibling, the EQB, alongside sharing our H1 2024 sales performance.
In the past six months, we introduced 6 new products and expanded our luxury touchpoints across key cities like Delhi, Gurgaon, Mumbai, Chennai, and Bengaluru.
Our focus on building a diverse talent pool across all levels highlights our commitment to growth and innovation.”
During H1 FY ‘24, BEV sales grew by 60% over the same period in 2023, driven by the demand for models like EQE SUV, EQB, and EQS.
Santosh added that SUVs remain a success story, constituting 55% of total H1 sales by volume, with strong demand for models like the GLA, GLC, and GLS Maybach.
The popularity of TEVs continues to rise, representing ~25% of all cars sold in H1, reflecting the evolving luxury car market in India, Santosh noted.
“With the introduction of the EQB 350 5-seater in AMG line and the New 7-seater EQB 250+, we are confident in the compelling value these models offer, catering to young customers seeking luxury, practicality, and sustainability”, he added.
Ahead of the anticipated of the Electric G-Class for which bookings have opened, Mercedes Benz is poised to become the most endeared luxury carmaker in India.