Luxury carmakers Mercedes, Lexus, Audi expect bumper sales in festive period
Luxury carmakers such as Mercedes-Benz, Lexus, and Audi are anticipating continued strong sales momentum during the ongoing festive season, with robust demand for high-end vehicles. The festive season push could potentially result in the luxury car segment achieving its highest-ever sales volumes in a year in 2023.
Santosh Iyer, Managing Director and CEO of Mercedes-Benz India, expressed optimism about the promising nature of this year’s festive season compared to the previous year. He highlighted that the festive season spans four months and began on a positive note, starting with Onam. Mercedes-Benz credits its strong demand to recent product launches and a buoyant customer sentiment, and it expects this growth momentum to persist.
Naveen Soni, President of Lexus India, echoed the sentiment that the luxury car market in India is continuing to expand, indicating a positive trend in the demand for high-end vehicles.
These luxury car manufacturers appear poised to benefit from the festive season and the ongoing strong demand for premium automobiles in the Indian market.
The luxury car industry is currently experiencing a boost in demand, bringing positivity to the sector. According to Naveen Soni, President of Lexus India, the luxury car market is growing at a healthy pace this year. Several factors are contributing to this growth, including an increasing number of high net-worth individuals, the preferences of millennials, high levels of disposable income, a well-travelled consumer base, and stable economic growth.
At Lexus, sales have already surpassed those of the previous year (2022), and the company expects this strong momentum to continue into the second quarter and through the upcoming festive period. Customer sentiments have improved, and the automaker is witnessing strong fresh bookings.
To provide added value to customers during the festive season, Lexus has introduced a limited edition of its sports coupe, the LC 500h. Additionally, the company has opened bookings for the new-generation LM multipurpose vehicle, demonstrating its commitment to meeting the demands and preferences of the luxury car market in India.
Lexus India is introducing a new category in the Indian market with confidence that it will redefine the ultra-luxury mobility experience. This indicates the company’s commitment to delivering top-tier luxury and innovative offerings to its customers.
Audi India, on the other hand, has experienced robust growth, with a 97 percent increase in retail sales, totaling 3,474 units in the first half of the year. This growth has been particularly prominent in the SUV segment, with a staggering 217 percent increase, as well as in performance cars, which have grown by 127 percent. Audi India is optimistic that this demand and growth will continue during the festive season.
Balbir Singh Dhillon, head of Audi India, highlighted that the company is consistently seeing strong demand for models such as the A4, A6, Q3, and Q5, among others. These models are contributing to Audi’s overall positive sales performance in the Indian market.
Audi India has expanded its electric vehicle (EV) portfolio with the recent launches of the Q8 e-tron and Q8 Sportback e-tron, making it one of the leaders in the segment in terms of EV offerings. The company is confident about strong demand for its electric range during the festive season, reflecting the increasing interest in EVs among Indian consumers.
To further capitalize on the festive season’s opportunities, Audi India has introduced the Q8 Limited Edition. The company also has plans to introduce more products during this period, aiming to cater to the preferences and demands of luxury car enthusiasts.
Balbir Singh Dhillon emphasized that changing demographics and favorable economic conditions are contributing to the growth of the luxury car market in India. The introduction of a wider range of electric vehicles and special editions during the festive season is part of Audi’s strategy to tap into this growing market and meet the evolving preferences of customers.
Audi India is optimistic about its growth prospects and anticipates closing the year with high double-digit growth. This reflects the company’s positive outlook and its belief in the potential for strong sales performance in the Indian market.
The festive season in India, spanning 68 days from August 17 to November 14 this year, is a crucial period for the automotive industry. It’s expected that the overall domestic passenger vehicle sales will surpass the 10 lakh-unit sales mark during this festive period, indicating robust demand in the market.
Audi India’s focus on expanding its product range, including electric vehicles, and catering to the evolving preferences of customers during this festive season aligns with its strategy to capture a significant share of this growing market.