In the first half of the year, sales of luxury cars in the local market grew by 10 percent. This was because wealthy people kept buying cars, despite high inflation and long wait times.
Senior executives in the industry said that companies are working hard to increase supply and scale production for the holiday season because of the high demand. The industry thinks that between January and June of 2022, about 17,000 luxury cars sold in the country. This up 55% from the same time last year when only 11,000 cars were sold. More updates may found at stoptechy.com
Mercedes-Benz India had its best-ever second-quarter sales in the country, thanks to the release of new models and continued demand for cars that were already on the market. Even though there were a lot of problems with the supply side around the world, which led to longer wait times and a steady rise in operating costs, last quarter’s sales were a record.
Martin Schwenk, the Managing Director and CEO of Mercedes-Benz India, told ET, “Except for H1 2018, the first half was one of our best. In the year’s first half, the company’s retail sales went up by 56% to a record high of 7,573 units. Overall, a strong range of products and steady customer demand helped. Even though there are some worries about the economy, we haven’t seen any bad effects in the last few weeks. In the first half of 2022, sales of luxury cars in India grew by more 10%.
Mercedes-order Benz’s bank was over 6000 units at the end of Q2 2022, which was the most ever. This was up from 4000 units at the end of Q1 2022. But supply problems still lead to delays and shortfalls in production.
Mercedes-Benz said that it expects the shortage of semiconductors to last for the next few months, but it will work to speed up production, get the cars to customers, and shorten the time they have to wait.
Schwenk said, “We have a solid order bank of more than 6,000 cars, which makes us very optimistic about the market.” He also said, “We are trying to increase our production to meet demand.” But even with these problems, we think this could be Mercedes‘ best year in India.
BMW, a competitor, also had record sales in the year’s first half. They sold 5,570 cars, including 379 MINIs. “Despite the ups and downs caused by different things on the domestic and international markets. We had the best sales in the first half of the year for BMW, MINI, and BMW Motorrad ever. Last week, Vikram Pawah, President of BMW Group India, said, “The order books are full. The pipeline for the next few months is quite solid.”
After the pandemic, luxury car sales picked up and grew by 40% to about 25,000 units in 2021. Mercedes-Benz grew sales by 42.5 percent to 11,242 units in 2021, despite starting from a low base. This helped the company stay on top of the luxury car market for the seventh year. The company wants to keep growing, so it plans to release ten new products this year.