TEV
Mercedes-Benz India posts record half-yearly sales at 9,262 units
Mercedes-Benz reported a 9% growth in sales in India in the first half of 2024, reaching its highest ever half-yearly sales. The company's sales were 8,528 units in January-June 2023. The company plans to launch six new products in the second half of 2024. SUV penetration was 55% in H1 2024, with the top-end vehicle segment accounting for 25% of total sales.
Vi dials lenders for Rs 23,000 cr term loans, seeks Rs 10,000 cr in bank guarantees
Vodafone Idea (Vi) proposes borrowing Rs 23,000 crore in term loans and seeks Rs 10,000 crore in bank guarantees to enhance its telecom infrastructure and compete with Reliance Jio and Airtel.
Expect double-digit sales growth this fiscal: Mercedes-Benz India
Mercedes-Benz India aims for double-digit sales growth with a focus on high-end models like Maybach GLS 600 and AMG S 63 E. VP Lance Bennett notes strong demand for top-end vehicles.
Ultra rich chase Rs 1 crore-plus supercars on luxury drive
Carmakers such as Mercedes, BMW, Audi and Toyota rolled out eight new models with eight-figure price tags in 2023, taking the number of such models in the country to 31, according to data collated by Jato Dynamics. The data does not include models from super-luxury carmakers such as Rolls-Royce, Bentley, Lamborghini, and Aston Martin. Carmakers said increased wealth creation, particularly among younger people, is driving the increasing demand for top-end vehicles, or TEVs.
Mercedes-Benz to invest Rs 200 cr in India in 2024, to launch a dozen new cars
Mercedes-Benz plans a significant investment of €22 million in India in 2024, accompanied by the launch of over a dozen new cars, including electric vehicles (EVs). Emphasizing a focus on premium models, more than 50% of the new launches are set to be higher-end variants. Electric car sales tripled in 2023, constituting 4% of total India sales.
Ultra rich drive super-luxe cars in the fast lane
This comes as luxury cars, priced above Rs 40 lakh, are collectively headed for record sales in 2023, having sold an estimated 48,000 units between January and September, surpassing the previous high of 40,000 units sold in the entire 2018. The likes of Lexus, Rolls Royce, Lamborghini, Maybach and Ferrari together sold an estimated 6,800 units between January and September, higher than sales of 6,500 units of cars priced between Rs 75-99 lakh.
Mercedes-Benz India zips past ₹10,000-crore revenue mark in FY23
The robust financial performance came even as volumes have still to reach the peak of the pre-Covid year of FY19. In FY23, the local arm of the German luxury carmaker sold 16,497 vehicles, a 38% increase from the previous year, but lower than the 18,211 vehicles sold in FY19, according to the company's filing with the corporate affairs ministry.
In pursuit of going all-electric by 2030, Mercedes Benz India offers attractive support to customers
The German premium carmaker had earlier shared its ambitious plan of targeting all-electric sales by 2030 "where markets allow". In line with the electrification efforts for the India unit, Mercedes Benz offering customers several benefits for buying electric vehicles (EVs). This includes supporting them with one time Sustainability Loyalty Bonus, 50% road tax support in those states where road tax is applicable at the time of EV registration, and free charging for all EV users in the network. They are valid till the end of October.
One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr
Mercedes-Benz India has reported its best-ever half-yearly sales in the country, with 8,528 units sold in H1 2023. The carmaker’s sales saw a YoY growth of 13% in the January-June period, compared to 7,573 units sold in H1 2022. Mercedes-Benz also said sales in the TEV (top-end vehicle) segment priced over INR15 million were up 54% YoY. The company introduced five new TEV products in 2023 and launched its 'Retail of the Future' business model.
Mercedes-Benz India expects top-end models to drive in revenues
Sales of TEVs at the local arm of the German luxury-car maker had more than doubled in the January-March quarter of this calendar year, outpacing the 17% growth in its overall volume.
Mercedes-Benz accelerating drive to bring top-end vehicles to India
German luxury carmaker Mercedes-Benz is accelerating its drive to bring top-end vehicles priced above Rs 1 crore to India, with demand even from non-metros growing at an accelerated pace, according to a senior company official.
Buyers snap up luxury cars even as prices surge to highest in 5 years
The weighted average retail price (ARP) of luxury cars in India has risen to a five-year high amid a weakening rupee as well as increases in freight and other input costs, according to data compiled by JATO Dynamics, a global market research firm.
Mercedes-AMG is not giving up on the combustion engines: CTO
Even in India it has seen a steady increase in demand. With prices starting from Rs57 lakh, Mercedes has a portfolio of ten AMG models in India. They have been driving sales of the luxury carmaker’s top-end vehicles (those priced above Rs one crore). The TEV segment that comprises the S-Class, Maybachs, AMGs and EQS, has been receiving outstanding customer response and grew by 107% in Q1 2023, outpacing other segments, said Santosh Iyer, managing director and CEO, Mercedes Benz India.
Mercedes-Benz India posts record sales at 4,697 units in March quarter
Mercedes-Benz India, which had sold 4,022 units in the same quarter last year, launched its hybrid AMG GT 63 S E Performance model with price starting at Rs 3.3 crore (ex-showroom Delhi) as part of its strategy to accelerate sales of top end vehicles (TEVs).
Mercedes to postpone launches over supply issues
The carmaker has also decided to increase prices across models by up to 5% (₹2-12 lakh) from April 1, which managing director Santosh Iyer said was due to an increase in logistic cost, weakening of the rupee against the euro, and upcoming regulations. The company had increased prices in January too.
Mercedes Benz India eyes double digit growth
Tamil Nadu was an important market for the vehicles in India, with 45 per cent growth, contributing 20 per cent to the pan India market and Coimbatore has showcased a robust 32 per cent year on year growth, Bennett said. "We are excited about the growth potential of Mercedes-Benz in Tamil Nadu. The TEV segment has witnessed robust growth in Coimbatore, underlining the segment's popularity," he said.
Mercedes-Benz will launch 10 new vehicles in India in 2023: Santosh Iyer
The company is looking at an overall double-digit sales growth this year, and as part of the drive it launched its 'AMG E53 4MATIC+ Cabriolet' model priced at Rs 1.3 crore on Friday. "The biggest growth for us in the last year has come from the TEV (top-end vehicle) segment, where we have grown by 69 per cent," newly appointed Managing Director & CEO of Mercedes-Benz India Santosh Iyer told PTI.
Bharat Electronics signs pact with Meslova for developing products, services in artificial intelligence/machine learning
Hyderabad-headquartered Meslova designs, develops and delivers domain-specific products and applications using artificial intelligence to some of the largest governments and enterprises. This MoU aims at leveraging the complementary strengths and capabilities of BEL and Meslova, a statement said.
Embassy Office Parks REIT Q1 results: Net income up 1% at Rs 457 crore
India’s first listed Real Estate Investment Trust (REIT) and the largest in Asia in terms of area reported decline by 0.9 per cent per cent in revenue to Rs. 549.23 crore for the quarter ended June 2020.
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