According to PTI news agency, as demand remains strong for premium models, leading luxury automakers expect 2022 to be the best year in terms of sales compared to 2019’s output. Companies also expect this holiday season to be the best in terms of shipments, despite continued chip shortages.
The agency reported that domestic luxury car sales reached around 40,000 units in 2019, the best sales level ever recorded in the industry in a year so far.
In an exchange with PTI, Lexus India President Naveen Soni said that the luxury car industry has become more sustainable and has even had a steady resurgence after the second Covid-19 pandemic. three ‘not too serious’.
He believes that the luxury car market is on track for a V-shaped recovery with strong demand from luxury consumers mainly thanks to a change in consumer behavior, more successful startups. , richer young consumers and locally produced.
Soni said the current year is off to a good start for both the industry and Lexus India, adding that it is expecting demand to pick up from pre-pandemic levels in 2019.
“This time around, we are looking at a 3-fold increase in demand for Lexus vehicles compared to previous years and since the launch of the branch in 2017. As a hybrid, Lexus vehicles are high-tech with high dependency. more on semiconductor availability. However, the company is trying its best to meet customer demand,” he added.
Meanwhile, Mercedes-Benz India also expects strong sales momentum from Q2 to continue in the run-up to the festive period, the company’s CEO and MD Martin Schwenk said, adding. that challenges continue to come from the supply side due to semiconductor shortages during the festive period. .
He also further noted that the company’s product launch remains unchanged, which will bring the much-awaited EQS luxury sedan this festive season.
Aside from similar views, Audi India also said that demand has increased steadily over the past few months and is expected to continue to increase in the near term, as reported by PTI.
Head of Audi India Balbir Singh Dhillon said, “The company is working non-stop to get more allocations to India, to meet this growing demand. Also, the fact that times cannot be ignored cannot be ignored. The company’s vehicle wait times have increased due to mismatched demand and supply.”
The company expects good growth thanks to models with stable demand such as A4, A6, Q5, Q5, Q7 and Q8, in addition, we also expect the launch of the new A8 L and the new Q3 to witness strong demand this year,” he added.
Currently, luxury cars account for less than 2% of total annual passenger car sales, and the sector has been more or less at the same rate over the past decade. Luxury cars in India attract a top GST rate of 28% with an additional tax of 20% for sedans and 22% for SUVs, bringing the total tax revenue up to 50%.
(With PTI input)
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