New Delhi: Luxury sports car manufacturer Porsche expects new product launches to drive its sales this year, defying a broader slump in the automobile market.
The subsidiary of German vehicle manufacturer Volkswagen AG launched the sports car 911 and sport utility vehicle Macan this year. A year-long economic slowdown in India has seen double digit percentage decline in sales for both mass-market and premium vehicle manufacturers.
According to Pavan Shetty, director at Porsche India, only those luxury vehicle makers that introduced new products have fared better.
“Last year, we sold around 350 cars and l think this year we will be somewhere around that area. The luxury market has declined this year till November and we have been stable,” Shetty said.
Vehicle manufacturers across segments are trying to increase the frequency of product launches in order to maintain volume growth, as that has been the only way to maintain sales growth in the world’s fourth-largest passenger vehicle market.
“The government has taken some steps to support the economy and that should help. It’s a marathon and not a sprint and we trying to build our business for the long term,” added Shetty.
Porsche plans to launch its first electric vehicle Taycan in India next year—a bold move given that India lags developed economies in terms of infrastructure for electric vehicles.
Mass-market companies like Hyundai Motor India Ltd and MG Motor India Ltd have launched electric vehicles like Kona and ZS this year, but luxury car manufacturers have yet to enter the segment.
Globally, by 2020, half of Porsche’s product portfolio will be electrified—either hybrid or fully electric. Customers in India too are open to new technologies as they look at global reviews of the Taycan. Though volume sales may not be high for the Taycan in the country, there will be takers for this vehicle, Shetty said.
“It weighs more than two tonnes, but doesn’t feel like one. All our models give an identity to the customer and they like to be identified with Porsche, and Taycan will be one such story,” he added.
Porsche on Friday launched its latest offering Cayenne Coupe and Cayenne Coupe Turbo at a price point of ₹1.31 crore and ₹1.97 crore, respectively.
