Mercedes-Benz Confident of Double-Digit Growth in 2024
Mercedes-Benz expects to achieve double-digit growth in 2024, backed by solid demand and a bullish outlook.
German luxury carmaker Mercedes-Benz is optimistic about achieving double-digit growth in 2024, driven by strong demand and a positive outlook for the upcoming festive season.
Mercedes-Benz India Managing Director and CEO Santosh Iyer highlighted that the company experienced a 9% growth in the first half of 2024 and expects this momentum to continue, particularly with increased bookings in the third quarter.
Expansion of Electric Vehicle Portfolio:
Mercedes-Benz is also expanding its electric vehicle (EV) portfolio, with plans to launch the electric version of the Maybach in September 2024. The company has already seen a 60% growth in its BEV (battery electric vehicle) portfolio in the first half of the year, which now accounts for 5% of total sales volumes.
To further strengthen its position in the top-end vehicle (TEV) segment, Mercedes-Benz introduced two new models: the Mercedes-AMG GLC 43 4MATIC Coupe and the CLE 300 Cabriolet AMG Line, priced at ₹1.105 crore and ₹1.10 crore, respectively. These additions are expected to drive strong customer loyalty and enhance the desirability of Mercedes-Benz’s top-end offerings.
Core Luxury Segment Performance by Mercedes-Benz:
The core luxury segment, including models like the E-class, C-class, GLC, and GLE, continues to significantly contribute to Mercedes-Benz’s success in India, accounting for 60% of the overall portfolio.
The upcoming launch of the new E-class is expected to further boost momentum in this segment.
Record Half-Yearly Sales in 2024:
Mercedes-Benz India reported its highest-ever half-yearly sales in the country, with 9,262 units sold in the first half of 2024, marking a 9% increase from the same period in 2023. This growth was driven by strong demand across categories and the availability of volume models.
Iyer emphasized that the market conditions are favorable, with total passenger vehicle sales growing by 14% year-on-year in July. The company is also seeing early signs of strong demand for luxury cars ahead of the festive season, indicating that this period could be as successful as last year.
