The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
After incurring losses for two years on the trot, German luxury automotive company Bayerische Motoren Werke AG (abbreviated as BMW) has posted net profit in India in 2021-22 (FY22), primarily due to high demand of its top-end vehicles, cost optimisation, and price hikes, Business Standard has learnt. BMW India said in its FY22 financial statement that the company is focusing on growth and achieving profitability through induction of new products in the market, strengthening its dealership network, and improving customer satisfaction while reducing costs. The company posted its highest-ever revenue in India in FY22 at Rs 4,365.8 crore.
The rise of startups and a thriving entrepreneurial culture in Tier-II and Tier-III cities is contributing to the increasing sales of high-end cars.
'Since we have a long waiting period, customers will be able to see cars for the next one year which are going to be produced and block (book) them.' 'So, if there is a wedding or a birthday in October, they can already check its availability in that month and block it.'
You increase the production, only then it is possible to reduce cost, Gadkari said.
Carmakers Mercedes-Benz, Audi, Renault, Kia India and MG Motor on Wednesday announced plans to hike vehicle prices from January to partially offset the impact of rising input costs. They join the likes of market leader Maruti Suzuki India and Tata Motors, which have also made the year-end announcements to raise prices from next month. Audi India said it will increase prices of its entire model range by up to 1.7 per cent, while Mercedes-Benz India noted it will hike the prices by up to 5 per cent from January 1.
Nearly one in two luxury cars sold in India in the first three months of 2024 was a Mercedes Benz, which achieved its best ever quarter (January-March), selling 5,412 units, up 15 per cent year-on-year (Y-o-Y) from 4,697 units in the previous year.
Significant contributor to this growth has been the flagship S-Class sedan and the ML-Class SUV and the NGC (new generation cars) portfolio comprising the A-Class and B-Class.
German luxury carmaker Mercedes Benz plans to launch about eight new products in India this year as part of plans to continue with the double digit growth that it witnessed last year.
'And a majority will be in the top-end vehicle range.'
After a brief lull during the pandemic, there is a strong revival in luxury car sales, bolstered by more launches across price bands, replacement demand, ban on old diesel vehicles in the NCR, and 'revenge buying'.
German luxury carmaker Mercedes-Benz on Monday launched its all-new performance car 'AMG GLE 63 S 4MATIC+ Coupe' priced at Rs 2.07 crore (ex-showroom all India). The model is powered by a 4-litre engine, which produces a power of 612 hp. It is the 12th model available in India from the AMG performance car range of the company, Mercedes-Benz India said in a statement.
German luxury carmaker Mercedes-Benz India on Thursday launched the imported version of its new generation flagship sedan S-Class with a price starting at Rs 2.17 crore while it prepares to introduce a locally-produced variety of the model in the fourth quarter this year. The new 7th generation S-Class comes in two variants -- diesel S 400d 4MATIC priced at Rs 2.17 crore and petrol S 450 4MATIC tagged at Rs 2.19 crore.
The first all electric Mercedes AMG launched in India
Homegrown auto major Tata Motors on Tuesday said it will hike prices of its commercial vehicles range by 2-2.5 per cent, depending upon individual model and variant, from April 1. The increase in the prices of commodities, such as steel, aluminium and other precious metals -- in addition to higher costs of other raw materials -- has incited this price hike of commercial vehicles, Tata Motors said in a regulatory filing.
Many of these companies have a waiting period from 6-18 months now, indicating a rise in demand.
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.
The company now offers seven different models of SUVs in India compared to two models a decade ago and contributes around 40 percent of sales up from 30 percent a couple years ago.
The quantum of price increase would be up to 2.5 per cent depending upon the model range, effective from September 1, Mercedes-Benz India said in a statement.
The launch boosts the company's presence in the performance SUV segment and takes Mercedes-Benz's SUV portfolio to eight products
During the investigation, witnesses were questioned and reports were obtained from the Regional Transport Office and Mercedes Benz India Pune, said a police release.
The announcement of Mitra's resignation comes nearly after three months of Eberhard H Kern joining Mercedes Benz India as the new Managing Director and CEO.
Luxury car major Mercedes-Benz India will extend its financial arm, Daimler Financial Services to India. A few approvals were needed from the authorities before it could begin operations, said Wilfried Aulbur, managing director and CEO, Mercedes-Benz India, in Pune today.
Car deliveries during the nine-day period saw sharp year-on-year (double-digit increase for most automobile companies.
Mercedes Benz India on Friday said it will enter the financing services business in the country, looking to further enhance its position after posting a new sales record for the third month in succession in September.
A clutch of automakers including Maruti Suzuki, Hero MotoCorp, Mercedes Benz India, Eicher Motors, TVS Motor, and Isuzu Motors India announced they had got the clearance from the governments of the states they operate in to resume operations.
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.
Wilfried Aulbur, MD & CEO of Mercedes-Benz India speaks about his plans for India
Mercedes-Benz India on Monday said it will start bus body-building by the second half of next year, for which it will set up a new unit at its Pune plant. "Already we are building a bus chassis at our Pune plant.
E-Class Coupe has state-of-the-art technology and high safety standards, which meets the needs of young individuals looking for a car that is athletic, striking and passionate.
Mercedes-Benz India has indicated to invest Rs 150 crore (Rs 1.5 billion) in network expansion and upgradation of network partners during this financial year. Hyderabad and the adjoining areas have around 1,200 Mercedes-Benz cars.
Equipped with a host of features including seats with massaging function, climate control, remote controlled door, 15 speaker surround sound system, the car also has agility control suspension system.
The chasis of the three-axles vehicle will be made by Mercedes Benz while the body will be assembled by its Indian partner Sutlej Motors.
The Mercedes-Benz GLC 220d 4MATIC, the SUV former Tata Sons chairman Cyrus Mistry was riding in on Sunday, comes with various safety features to protect passengers but just like other high-end cars, it has no airbags for rear seats.
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.
Driven by a rise in sales during the current year, German luxury carmaker Mercedes-Benz said on Thursday that the company is expecting a growth in sales of around 8-10 per cent in the next few years. This comes at a time when the company is ready to surpass the previous highest sales of 15,538 vehicles (2018) in 2022. During the first half, the company sold 7,600 units. It already has an order bank of around 7,000 vehicles. In 2021, the company sold 11,242 vehicles.
The sharp increase in commodity prices on account of the Russia-Ukraine war has put automakers in a fix. After the frequent price hikes in the current fiscal, manufacturers fear that any more price increases may further dent the already weak demand in certain segments. "We have taken several hikes and cannot immediately do it again. "We will have to closely watch the situation and act accordingly," said an official at an auto firm, declining to be identified. Even for companies like Tata Motors Passenger Vehicles, which has had a strong volume run and a robust order book, passing on the entire costs has been tough.
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.
Mercedes-Benz India started producing the new generation cars (NGC) in its global assembly network along with sedans and SUVs locally.
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