Mercedes-Benz India eyes double-digit growth in CY2024, says Iyer
The Hindu
Mercedes Benz India aims for double-digit growth by 2024, with increased EV sales and expanded product portfolio.
Mercedes Benz India is planning to end CY2024 with a double-digit growth and has one more product lined up for introduction next month, said a top executive.
“In the first half of the current year, we retailed 9,262 cars, an increase of over 9%. This year will be the best ever year with double-digit growth over last year,” said Mercedes Benz India MD and CEO Santosh Iyer during an interaction.
Mr. Iyer said that in H1 (January-June 2024), the carmaker sales grew by 9%. “H2 we will grow by double digit and full year growth will be double digit.”
Talking about EVs, he said that during 2023, the EV penetration to total sales was 2.5% and this year it had already touched 5%.
“EV penetration has doubled when compared to last year and we should be able to continue to grow with more and more transition to EVs with wider range of product portfolio,” he said.
According to him, 95% of cars that they retail in India are locally produced in Chakan and only 5% of products are imported cars. In that 95% of cars, indigenisation level is over 30%.
“Localisation has its advantages and whichever products which we try to localise in India we can give it at a better price point compared to CBU cars,” he said.