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Business News/ Industry / Mercedes, Audi witness record sales as festive season boosts demand for luxury cars
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Mercedes, Audi witness record sales as festive season boosts demand for luxury cars

Mercedes-Benz India expects record sales this year despite supply-chain disruptions affecting SUV production and availability.

Mercedes Benz, Audi witnessed record sales in festive seasonPremium
Mercedes Benz, Audi witnessed record sales in festive season

With more Indians buying luxury cars this festive season, Mercedes and Audi witnessed record sales during the period of festive celebrations. The two luxury carmakers have dispatched record units this festive season.

After witnessing slow demand throughout the year, India's luxury car industry is optimistic about making some profit in the ongoing festival season, reported PTI.

From Onam to Diwali, this year's festive season was better for luxury carmakers compared to last year. Improved sales were led by a boost in demand due to strong consumer sentiment, multiple new car launches, and an attractive portfolio, Mercedes-Benz India Managing Director Santosh Iyer told PTI.

"We have seen record deliveries during Dussehra, Dhanteras and Diwali reflecting customer enthusiasm," he noted.

The 89-day festive period this year between August 17 and November 14 saw overall passenger vehicle retail sales cross the 10 lakh mark. Whereas, the 71-day festive season last year witnessed sales of around 8.10 lakh units.

Positive industry outlook for 2024 amid risk of supply-chain disruptions 

Mercedes Benz MD expressed his confidence in the industry for the rest of the year and said that his company will experience record sales this year. 

However, supply-chain disruptions will continue to pose challenges for the industry, affecting the production and availability of SUVs, especially the GLC.

"We continue to have a positive industry outlook, expecting record sales this year. However, we forecast supply chain-related disruptions to continue in the coming months as well," he said.

Just like Mercedes, Audi also witnessed a spurt in its sales during this year's festival season. The company has witnessed an 88 percent growth with 5,530 units retailed in January-September 2023, said Audi India Head Balbir Singh Dhillon.

"We have been operating with one of our highest-order banks in recent times. This festive period marked bigger celebrations for Audi India as we witnessed our highest-ever festive season sales in the last seven years," he added.

Growth was on the back of sustained demand for our best-sellers including the A4, Q3, Q3 Sportback, Q5, and S5 Sportback, Dhillon told PTI.

"Delhi and Mumbai continued to lead the demand for our products in the festive season. We also continue to witness good demand from Hyderabad, Kolkata, Chennai, Bengaluru, and Ahmedabad," he added.

Expressing confidence in the luxury car industry in India, Dhillon said that it will surpass 2018 volumes – and reach the 46,000-47,000 unit mark.

"As a company, we are looking to end the year with a high double-digit growth," he added.

During the festive period, BMW launched a range of powerful products, both cars and motorcycles in the festive period.

"We will keep this momentum going," he added.

The luxury car market in India is currently standing at a value of USD 1.06 billion in 2021 and is set to reach over USD 1.54 billion by 2027, registering a CAGR of more than 6.4 percent during the forecast period 2022-2027, said Lamborghini India Head Sharad Agarwal.

He also underlined the contribution of the evolution of customer taste and preferences in the expansion of this automobile segment. There has also been a significant expansion in the demand for luxury cars with advanced tech and safety features.

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Updated: 19 Nov 2023, 05:27 PM IST
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