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    Luxury car sales surge in India as super-rich exit pandemic gloom

    Porsche, Lamborghinis and Mercedes are rushing through the cities of Delhi and Mumbai as demand for luxury cars grows in India. This is a sign that the country’s economy is accelerating from the worst pandemic recession.

    The Indian automotive industry has been struggling for several years as rising costs, production cuts and the current global shortage of semiconductors have pushed down sales. However, executives said purchases of premium and supercars are approaching record highs in the country, albeit relatively low by international standards.

    Gurpratap Boparai, Managing Director of Skoda Auto Volkswagen India, which also owns local franchises of Porsche, Lamborghini and Audi, said: “It’s the layer of society that came out of Covid earlier than others.”

    For the improvement, the number of cases of Covid-19 decreased, Increased vaccination Prompt for a quick restart. But it also shows that the pace of recovery is uneven because India is so wealthy. Buoyant stock Market — The fastest bounce from the pandemic devastation.

    “Most of our owners, especially the high end [vehicle owners]”I run a successful company,” said Martin Schwenk, managing director of Mercedes-Benz India. “They had very good profitability and profitability … and that created a lot of confidence.”

    According to executives, sales of luxury luxury cars over Rs 20 million ($ 267,000) were nearing record highs. Despite the sales turmoil caused by the coronavirus, we expect to sell about 280 cars in this category this year, compared to the 2018 record of 325 cars.

    Mercedes-Benz said it sold 4,101 vehicles in India in the quarter ending September, many starting at around Rs4m. This is twice the total for the same period last year.

    “Unlike last year, I didn’t hesitate to start buying a car,” Schwenck said. April blockade And Mei was released.

    The automobile industry Deep contraction in 2019 India’s economy slowed and costs increased due to changes in safety and fuel standards.

    recently, Global tip shortage It is blocking the supply of new cars. Although industry-wide figures for September have not been released, India’s largest automaker Maruti Suzuki has sold just 63,000 passenger cars domestically from 148,000 last year, reporting a dramatic decline this month. Did.

    Ford announced that it will stop car manufacturing in India and close its local plant © Kuni Takahashi / Bloomberg

    Many foreign car makers Frustration in India.. Ford announced last month that it would stop car manufacturing in India and close its local plant.

    But luxury car brands were more optimistic. Mercedes launched several new models in the country this year. Among them is the Maybach GLS SUV, which is priced over 24m rupees. McLaren was also launched in Japan this year.

    Boparai said it expects more time for sales of its low-end models such as Skoda and Volkswagen to recover.

    But high-end car buyers weren’t very price-sensitive, industry figures said. Imported luxury cars have already attracted 100% tariffs and are out of reach for everyone except the wealthiest cars in India.

    Mr Boparai said market growth is demonstrating the rise of a more confident Indian business elite who are willing to indulge in luxury brands.

    “The younger generation does not hesitate to spend. India followed a socialist development model. [before].. Conspicuous consumption was neglected. ” “We are far from this idea.”

    Luxury car sales surge in India as super-rich exit pandemic gloom Source link Luxury car sales surge in India as super-rich exit pandemic gloom

    The post Luxury car sales surge in India as super-rich exit pandemic gloom appeared first on California News Times.

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