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German luxury car brand Mercedes-Benz will invest $24 million in its India business.
The announcement, reported by Reuters citing a company executive, comes after Mercedes began plans to create 1,000 new jobs in India’s research and development division in June 2023.
The new investment will go towards Mercedes’ new car models, with more than a dozen lines reportedly set to be launched, with a focus on more expensive models that are in strong demand from India’s young and affluent generation. .
Santosh Iyer, managing director of Mercedes India, said more than half of the German automaker’s new cars in India will be top-of-the-line models priced above $180,000.
“Customer profiles are evolving and demographics are changing today,” Iyer said. “Young successful people have a strong desire to quickly break into the top-end segment of luxury goods.”
India’s car market expanded significantly last year, even though sales in November fell 7% from October to 4.8 million units.
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The number of passenger cars wholesaled in November reached 329,000 units, an increase of 3% from the same month last year. In parallel, sales of light commercial vehicles (LCVs) with a gross vehicle weight (GVW) of 6 tonnes or less totaled approximately 55,000 units, an increase of 10% from November 2022.
Iyer said most Mercedes buyers in India are business owners. However, the number of Mercedes car owners who are salary professionals has increased by around 20% compared to before the coronavirus pandemic.
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