The booking momentum remains strong despite the long waiting period – and multiple rounds of price increases. Vehicle prices have risen by at least INR1 lakh to as high as INR 20 lakh
Luxury carmakers are having a great time – orders are at a high and prices do not seem to be a hindrance for those loaded with cash. The Indian market is going for the whole range of luxury vehicles: from Mercedes to Lamborghinis.
Mercedes expects record sales this year, while Volkswagen-owned Italian superluxury car brand Lamborghini has almost sold out its entire 2022 allocation for India. BMW is eyeing double-digit growth and JLR, owned by the Tata Group, has reported record bookings for the year globally. To be sure, local bookings are already worth about half-a-billion dollars, totalling up to 10,000 units. The booking momentum remains strong despite the long waiting period – and multiple rounds of price increases. Vehicle prices have risen by at least INR1 lakh to as high as INR 20 lakh.
In the Q1 of 2022, BMW Group India registered growth of 25% and the order pipeline for the next three months remains more than full. It is sitting on an order book of 2,000 units for BMW cars, 200 units for MINI brand and there are 1,500 waiting customers for BMW Motorrad bikes
“The pricing adjustments have been very well received and not dented demand,” according to Martin Schwenk, MD, Mercedes Benz India, quoted by ET. “We sold over 4,000 cars in the first quarter of 2022; we are confident of sustaining the momentum for the rest of the year and ending with our highest ever annual sales this calendar year.”
In the Q1 of 2022, BMW Group India registered growth of 25% and the order pipeline for the next three months remains more than full. It is sitting on an order book of 2,000 units for BMW cars, 200 units for MINI brand and there are 1,500 waiting customers for BMW Motorrad bikes.
The head of BMW Group India believes that the luxury segment to a certain extent is not severely impacted by mild inflation changes. However, the unpredictable socio-economic environment, the pandemic and high taxation may have an impact on consumer sentiment.
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