Mercedes-Benz India Announces ₹200 Crore Investment For 2024

Mercedes-Benz India has started the new year with the launch of the 2024 GLS, priced at ₹1.32 crore and ₹1.37 crore (ex-showroom, India) for the petrol and diesel versions, respectively. On the sideline of the price announcement, the company also committed a fresh investment of ₹200 crore for the Indian market, to develop new products, and technologies as well as increase the production capacity from its plant in Chakan, Pune in Maharashtra.

Santosh Iyer, CEO & MD, Mercedes-Benz India, said, "We've been in the country for 3 decades now, and invested ₹3,000 crore in this period to develop key areas. For 2024, we have earmarked ₹200 crore further to strengthen our hold on the luxury car market and this fresh investment will help us improve our production capacity and help in new products for India. This year, we will launch more than 12 products, including 4 new EVs and this investment will help us achieve the target."

Mercedes-Benz India currently holds the top position in the Indian luxury car segment with nearly 15 products launched in 2023, registering a 10 per cent YoY growth compared to 2022. Moreover, the Indian arm of the German carmaker also registered 17,408 units, its best-ever sales figures since its inception back in 1995. The company revealed that the accessibility of purchasing Mercedes cars has also improved with 12-14 per cent growth from salaried income consumers while around 15 per cent of the total sales comes from women buyers.

Mercedes-Benz India also witnessed substantial growth in its SUV sales, recording 55 per cent of its total sales while sedans command 45 per cent. Electric vehicles comprise 4-5 per cent of the company's total sales. At present, the company retails 24 products, its strongest ever in the country.

With the new investment, the company also has plans to increase its network presence in the country, with a target to enter 10 new cities and add 20 new workshops. The company also promises to increase the accessibility of these workshops within 2 hours from the customer.