Merc may buck industry trend with double-digit growth in ’24
Times of India | 17 September 2024
Kolkata: Mercedes Benz India (MBI) is eyeing a double-digit growth this fiscal despite a decline in growth in the Indian automotive industry.
Speaking to TOI on the sidelines of the launch of its six-battery EV (BEV) EQS 580 4MATIC electric SUV, MBI MD and CEO Santosh Iyer said that while the company may fall shy of touching the 20,000-mark cumulative numbers this year, its sales would be more than 10% over last year’s figure.“MBI has grown by 9% in H1 2024 and it continues the growth momentum,” said Iyer.
In the first half of the year, MBI sold 9,262 units, up from 8,528 units in H1 2023. In 2023 calendar year, MBI sold 17,408 cars while the figure for the 2023-24 fiscal was 18,123 units. The company hopes sales will accelerate during the festive season.
The luxury car segment is expected to grow in high single digit this year to touch 50,000-units mark. The EQS SUV is the second model after EQS sedan to be produced at MBI’s plant in Chakan, Pune.
“India is the only other market outside US to locally manufacture the EQS SUV,” said Iyer. BEVs is currently 5% of the cars sold by MBI. While the EQS SUV launched on Monday could see the BEV pie inch northward, it will also add to its top-end vehicle (TEV) offering.