Mercedes-Benz India is set for record sales and double-digit growth this year, says MD Santosh Iyer. Despite a slowdown in the mainstream market, the luxury carmaker expects continued strong momentum with a new product launch almost every month.
Iyer said that the company had an excellent first half and is on track for double-digit growth. “Q2 was a bit slower due to elections, but inquiry levels remain high. With the wedding and festive seasons coming, we expect demand to rise.”
The E-Class, Mercedes-Benz India’s best-selling car, is in a run-out phase, with the new generation arriving later this year. Despite this, Iyer is confident about healthy growth.
Iyer also highlighted the growth in GST collections as a positive sign for luxury car sales. “GST collections are rising, indicating economic activity. With GDP growing and government continuity, we expect sustained growth.”
Mercedes-Benz India has committed to 12 new launches in 2024. Six have already been launched, with one new product set to debut each month for the rest of the year, including three EVs and one volume product.
While the entry-level luxury segment saw softening demand and discounts in Q2, Iyer stated that Mercedes-Benz would not participate in discounts. “We see fantastic growth in our core top-end segment, even in Q2,” he said.
