Mercedes-Benz India expects double-digit sales this year despite concerns about weak rupee
Mercedes-Benz India said it expects double-digit sales growth in the country this year, despite concerns about a weaker rupee leading to a rise in car prices. Last year, the German luxury carmaker saw sales in India grow 41 percent last year to 15,822 units, which is the highest ever in the country. this. Santosh Iyer, managing director of Mercedes-Benz India, told Reuters the company currently has about 6,000 orders backlog.
A weakening Indian currency is one of the risks to the growth of India’s luxury car market and this could force Mercedes to raise domestic prices due to increasingly expensive imported components. . The rupee fell 10% against the dollar in 2022, its steepest drop since 2013, making it one of the worst performing Asian currencies. However, the company says it has started the year with a very healthy order bank, which gives it confidence in double-digit growth, even in 2023.
This year, the automaker plans to launch 10 new models in the country, with most priced at more than 10 million rupees, with the top-end segment growing by 69% in 2022. New launches will include includes a mixture of gasoline cars, electric cars (EVs) and plug-in hybrids.
The company launched three electric vehicles in India last year, including a locally assembled electric model of its flagship S-Class sedan. The company notes that electric vehicles have seen strong demand, with Indian customers having to wait four to six months after booking. However, the company wants to reduce the waiting time to two to three months before rolling out more electric vehicles.
While the global shortage of semiconductors has eased, the company still faces some disruptions due to component shortages and delivery delays mainly due to geopolitical issues, the energy crisis in Europe. Europe and pandemic-related shutdowns in different parts of the world.
First published date: January 8, 2023, 15:29 pm IST