For the first time in history, the luxury car market is poised to cross the sales mark of 50,000 units in 2024, with Mercedes leading the way
Speculation about rising competition from global majors has led to shares of major Indian automobile manufacturers such as Mahindra & Mahindra (M&M), Maruti Suzuki India, and Tata Motors taking a hit on the BSE.
Premium car makers which do not produce models locally, but assemble these in India are busy exploring ways to avoid a price rise in the wake of the government's new duty structure.
The growth rate could continue for another seven years.
BMW Group India recorded its highest annual sales on the back of strong demand for its top-end ICE (internal combustion engine) and electric vehicles (EVs). The German luxury automaker on Thursday announced that its domestic car sales jumped 18 per cent year-on-year (Y-o-Y) to 14,172 units in calendar year 2023 (CY23). This mirrored a trend in the luxury space, with its peers also reporting record numbers.
Cars priced above Rs 25 lakh account for 1 per cent in India's 3 million-car market and the share has remained unchanged over the last five years.
India imposes over 100 per cent duty on imported vehicles and the likes of American cult bike maker Harley Davidson had made noises in the past asking to bring down the rates.
The company said that while the first quarter numbers were at the pre-pandemic levels, it saw a growth of 34 per cent in sales compared to the April to June period of 2020.
Most say they will review their Make in India plans as prices may top pre-GST level
The move will primarily impact luxury car companies like Mercedes Benz, BMW, Audi and Volvo and bike brands like Triumph and Harley Davidson.
After spending 43 years working inside Dubai's royal palace, a man from Kottakkal returned home with nothing but gratitude for the life he lived in extraordinary circumstances.
However, worries on inadequate import and issues for the FTA pacts.
The new car market is estimated at around 30,000 units a year in sales in a good year, whereas the used car market for luxury vehicles is estimated at around 60,000 cars annually.
Mercedes-Benz India, BMW India and Audi India have lined up over 50 new model launches as they seek to recoup previous year's loss in volumes, reports Shally Seth Mohile.
Audi plans to focus the Indian market, including deepening market penetration and increasing sales volume.
'...when they feel that they need me for any format, they would summon. My job is to perform and be ready for call ups.'
Justice G Jayachandran said there is ample evidence placed before the court by the prosecution to show that these accused were involved in cheating the government by producing forged documents.
While Mercedes-Benz India expects 25 per cent of its India sales to come from EVs in the next four years, BMW says it estimates around 10 per cent of sales to come from those in the near future.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
The Budget has given signals that India is sensitive to the US needs and willing to walk the extra mile, but if need be, we should respond in equal measure as a sovereign nation, notes Ajay Srivastava.
After rise in duties, third-party motor insurance rates set to increase premiums 5 - 10 per cent.
German luxury car maker Mercedes-Benz on Thursday said it will hike prices of its entire model range in India by up to 4.5 per cent from September 1 to partly offset impact of rupee depreciation and higher import duties.
Budget proposal increased Customs duty on imported vehicles.
With India's EV penetration at just 2.5 per cent, the market presents an opportunity -- provided Tesla gets its pricing right.
JV to export e-carts, aim for 10% global market share, $1 bn turnover and innovation in driverless tech.
Analysts believe Tesla will first focus on building the Model Y brand before expanding -- both in terms of volume and models.
Senior Tesla executives including those from its supply chain are planning to come to India on Wednesday and Thursday for meetings with government officials, including those in the Prime Minister's Office, according to sources. Prashant R Menon, director of Tesla India, did not respond to a specific query on the meetings. Sources say that the executives are coming to see how they can expand and develop local sourcing of components from India for the Tesla car.
India to be Swedish car maker's second assembly base after Malaysia
German luxury car maker Mercedes-Benz on Tuesday said it has commenced the local production of its AMG portfolio in India, and rolled out its first-ever locally made GLC 43 4MATIC Coupe. The company rolled out AMG GLC 43 4MATIC Coupe, tagged at Rs 76.7 lakh (ex-showroom), from its Pune facility on Tuesday.
The luxury car market leader will be producing the new-generation cars, sedans, SUVs, and AMG performance cars at one facility.
Auto maker Ford India on Thursday said it has hiked prices by 1-5 per cent on different models with immediate effect to offset rising input costs.
The vehicle will not be available until end-2017, or later.
The regulatory burden is the highest on small cars, a key segment of the Indian automobile industry and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to Maruti Suzuki India chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour.
The Three-Pointed Star also unveiled its 2021 motto coined as 'Reimagining Excellence', which aims at making the brand more desirable and drawing customers closer.
CBEC alleges that the company imported semi-knocked down cars but paid duty for completely-knocked down car units.
Recently, world headlines buzzed with Elon Musk's announcement that he was shelving his audacious bid for social media platform Twitter. Away from the media spotlight, questions are being asked about the maverick billionaire's plans in India, too. A few days ago, a Reuters report said Musk's flagship Tesla had put on hold its plan to launch electric cars in India.
Mercedes-Benz, Ferrari, Porsche and Lamborghini are some marquee badges that have introduced track cars to excite hard-core customers who want to push their cars to the limit, says Pavan Lall.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
The new four-wheeler (4W) electric vehicle (EV) policy may spur the entry of global majors. The manufacturing policy cuts Customs duty to 15 per cent, given a minimum investment commitment. It calls for a minimum investment of Rs 4,150 crore (about $500 million) for making electric four wheelers (e-4Ws), with manufacturing to commence within three years of approval.
The high court said the investigation has shown the crime proceeds were used for air travel and purchase of high-end branded gifts for Bollywood celebrities.
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