You are here: Rediff Home » India » Business » Business Headline » Report
Search: The Web
   Discuss   |      Email   |      Print | Get latest news on your desktop

Super luxury car sales keep momentum
BS Reporter in New Delhi
 · My Portfolio  · Live market report  · MF Selector  · Broker tips
Get Business updates:What's this?
October 13, 2008 11:03 IST

The effect of the subprime crisis that began to be felt around early 2007 hasn't affected domestic sales of super luxury cars priced between Rs 1 and 3 crore. Super luxury car manufacturers such as UK's Bentley grew by 20 per cent last year and expect to clock similar growth in the country this year.

"India, China, West Asia and Russia are our future markets for growth," said Chris Buxton, regional director (India, Africa and West Asia), Bentley Motors. Speaking at the launch of the Continental Flying Spur Speed today, billed as the world's fastest car, Satya Bagla, MD, Exclusive Motors, the strategic partner of Bentley, said, "Since inception in 2003, we have sold over 100 Bentleys in India. Some of our customers own between 2-3 Bentleys."

The Continental Flying Spur Speed can touch a top speed of 320 km per hour. The market for super luxury cars in India is pegged around 20-30 cars per annum. The number of high networth individuals earning over a million dollar in India is estimated at 50,000.

Despite the Indian auto industry estimated to grow by 7 per cent in the current financial year, sales of super luxury cars is expected to grow by 20 per cent over the next few years.

Exclusive Motors also plans to launch the new super luxury Lamborghini Gallardo 560 in a few weeks. It may be recalled Rolls Royce opened its first showroom in the country last month in the capital. Last year, Bentley sold about 10,000 super luxury cars globally.

Powered by

 Email  |    Print   |   Get latest news on your desktop

© 2008 India Limited. All Rights Reserved. Disclaimer | Feedback