Mercedes-Benz India Records Best-Ever Quarterly Sales In Q1'24

Mercedes-Benz India has marked a milestone in its operations by achieving unprecedented sales figures in the month, quarter, and fiscal year. In the first quarter of 2024, Mercedes-Benz India witnessed a 15 per cent year-on-year growth, with sales reaching an all-time high of 5412 units. The fiscal year 2023-24 witnessed an uptick in sales, with a total of 18,123 units sold, reflecting a 10 per cent increase compared to the previous fiscal year. March 2024 stood out as the month with the highest single monthly sales ever recorded by Mercedes-Benz in India.

Santosh Iyer, Managing Director & CEO, Mercedes-Benz India, said, “Thanks to the continued trust of customers in our products and services, we achieved the best-ever month, highest-ever quarter and best-ever fiscal in India. Our focus continues to enhance customer delight by increasing our network footprint with the latest luxury standards, continued product offensive with a sharp focus on luxury vehicles and EVs.”

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According to the company, a key driver behind this success has been the strategic focus on electric vehicles (EVs), with the BEV portfolio experiencing a robust 130 per cent year-on-year growth in the first quarter of 2024. The company plans to double its BEV portfolio by introducing three new models in the remaining quarters of 2024 including the Mercedes-Benz EQS SUV.

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In addition to its EV offerings, Mercedes-Benz is bolstering its Top End Vehicle (TEV) segment with the launch of two new AMG models- the AMG S63 E Performance and the new AMG C 63 E Performance F1 Edition - in the second quarter of 2024. Additionally, the company will launch the new E-Class in the country by the end of 2024. Earlier this year, the company had announced its intention to launch 12 cars this fiscal.

The company's commitment to enhancing customer satisfaction is evident in its retail expansion plans, with the inauguration of MAR 20X facilities in New Delhi and Mumbai. Moreover, Mercedes-Benz is extending its presence to emerging markets by introducing state-of-the-art workshops in 10 new cities by the end of 2024.

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Now turning to its rivals in the premium car segment, BMW India also posted strong business performance in the first quarter of 2024, delivering 3,680 cars (BMW & MINI) and 1,810 motorcycles. The BMW Group India recorded 51 per cent growth in car sales in Q1, riding on high demand for its SUVs, sedans and EVs, as the BMW X7, BMW X3, BMW X1 and BMW 3 Series were sold out. For BMW, SUVs contributed 54 per cent to sales and grew by 62 per cent, as the new X1 was the highest-selling SUV with around 20 per cent share in total sales. The 3 Series dominated a 16 per cent share in sales while the BMW 7 Series, BMW i7, BMW X7 and the BMW XM contributed 20 per cent to total sales.

Audi India retailed 7,027 units in FY23-24 posting an overall growth of 33 per cent. The brand retailed 1,046 units in Q1 2024 (Jan-March 2024) despite challenges primarily due to supply chain disruptions. Despite ongoing growth in the luxury market, which is tapering off on the back of record-breaking sales in 2023, Audi India is confident about the industry's potential to exceed 50,000 cars in 2024.

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