German luxury carmaker Mercedes-Benz is optimistic about achieving double-digit growth this year, bolstered by strong demand in its top-end vehicle segment and the upcoming festive season. At the launch of two new high-end models, Mercedes-Benz India Managing Director and CEO Santosh Iyer expressed confidence in the brand’s continued success.
Strong First Half Performance
Mercedes-Benz India reported a 9 percent growth in sales, reaching 9,262 units in the first half of 2024, marking its highest-ever half-yearly sales in the country. This growth is a testament to the brand’s enduring appeal across various segments, including its burgeoning electric vehicle (EV) portfolio. The company had previously posted sales of 8,528 units in the same period last year, which was then a record.
New Models Strengthen Luxury Lineup
Mercedes-Benz has further solidified its position in the luxury market with the launch of the Mercedes-AMG GLC 43 4MATIC Coupé and the CLE 300 Cabriolet AMG Line, priced at ₹1.105 crore and ₹1.10 crore, respectively. These new models are expected to drive strong customer loyalty and enhance the brand’s top-end vehicle (TEV) segment, which has already seen a 12 percent growth in the first half of 2024.
“We are launching two highly desirable top-end vehicles that will further enhance the desirability of the TEV segment,” Iyer said. “Our top-end vehicles continue to drive strong customer loyalty, and these two vehicles will further enhance the desirability of the TEV segment.”
Focus on Electric Vehicles
Mercedes-Benz is also expanding its electric vehicle lineup, with plans to launch the EQS Maybach SUV in India on September 5, 2024. The company’s battery electric vehicle (BEV) portfolio grew by an impressive 60 percent in the first half of this year, accounting for 5 percent of its total sales volumes.
Positive Outlook for the Festive Season
Despite a dip in sales during the second quarter due to election-related low seasonality, Mercedes-Benz is seeing a resurgence in bookings for the third quarter. Iyer noted that the demand for luxury cars is expected to remain strong during the upcoming festive season, mirroring last year’s performance.
“We have already started getting the lead and inquiries in the system, so there is a positivity to buy and consume luxury cars. So I think it should be as good as it was last year,” Iyer stated.
Looking Ahead
Mercedes-Benz’s core luxury segment, which includes popular models like the E-Class, C-Class, GLC, and GLE, accounts for 60 percent of its overall portfolio in India. With a new E-Class model on the horizon, the company is poised for continued momentum in this segment.
As the luxury car market in India continues to expand, Mercedes-Benz is determined to maintain its dominance in the top-end segment and capitalize on the growing demand for premium vehicles.
