New Delhi . MercedesBenz India Managing Director Santosh Iyer said the company's sales will register doubledigit growth this year due to increasing demand for luxury cars in the fastgrowing economy.
MercedesBenz India has now launched its new 'AMG C 63 SE Performance' model equipped with F1 hybrid technology, which is priced at Rs 1.95 crore.
This is the company's 14th product launch this year, which aims to boost sales of its highend vehicles priced above Rs 1.5 crore.
Speaking to reporters at the launch, Iyer said the company's vehicle sales were impressive during the festive season, reflecting the strength of the automobile giant's performance in a highly competitive and volatile market.
In the July to September quarter, MercedesBenz India sales grew 21% compared to the same period last year amid a slowdown in the automobile market.
He further said that the company has experienced growth despite the challenges facing the automotive industry.
Iyer said the company plans to convert all its existing 100 outlets to the directtoconsumer model in the next one year.
He claimed that the new marketing strategy has helped cut the country's inventory costs.
The rising sales of luxury cars reflects the rising income of the uppermiddle class along with the rapidly growing Indian economy. This is also reflected in the increasing number of income tax payers in the above Rs 1 crore income segment.
Data compiled by the Income Tax Department shows that more than 9.54 lakh people with income of Rs 1 crore and above filed their returns till October 31 this year.
Five years ago, the number of taxpayers in the country with income of Rs 1 crore and above was 2.89 lakh, which has now increased more than three times.
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Image Credit: KhasKhabar.