One out of every Mercedes-Benz car sold in India was a TEV (Top End Vehicle) like GLS, S-Class, Mercedes-Maybach, EQS, G-Class and AMG range
India’s leading luxury car manufacturer, Mercedes-Benz, ended the month of March 2024 with style. Along the way, Merc registered highest-ever sales in a month (March 2024), highest-ever sales in a quarter (Q1 2024) and highest-ever FY sales (FY 2023 – 2024). Mercedes-Benz has hit this triple bonanza for the first time in its 30 years of operations in India.
Mercedes-Benz Registers Astronomical Sales Milestone
If we analyse sales in Q1 of 2024, Mercedes-Benz alone held over 50% of market share among the legacy luxury car makers. Of the 9,968 luxury cars sold in Q1 2024, Mercedes-Benz accounted for 5,412 units, while BMW stood at 3,510 units, Audi at 1,046 units and JLR at 854 units.
Mercedes-Benz witnessed a 15.22% YoY growth in Q1 2024 analysis, gaining 715 units in volume YoY over 4,612 units from Q1 2023. In Financial Year 2023 – 2024, Merc dealerships across India delivered 18,123 units in total with a YoY growth of 10% over 16,497 units from FY 2022 – 2023, which is commendable.
India’s most sought-after luxury brand, Mercedes-Benz, offers a wide range of portfolio in India consisting of sedans and SUVs. Company’s best-seller continues to be the LWB E-Class and there are just a few units left of the current E-Class sold in India. Other notable sedans from the three-pointed star can be seen based on A-Class, C-Class and the mighty S-Class.
Demand for SUVs continues to surge and Mercedes-Benz has lined up its SUV portfolio to cater for this trending genre. In Q1 2024, Merc witnessed 60% SUV penetration among the total sales volume. GLA, GLC, GLE, G-Class and the recently launched GLS facelift contributed to that effect.
There has been a massive ripple from BEVs (Battery Electric Vehicle) as well. BEV penetration in Q1 2024 stood at 6% and BEV portfolio registered 130% YoY growth. The strong response to EQE SUV has contributed to this.
Upcoming launches
Another trend that Mercedes-Benz likes to highlight is the massive growth of TEVs (Top End Vehicles). The stats are interesting too: 25% of Mercs sold in India were TEVs. Breaking the numbers further, only 15% of sales fell in Rs. 45 lakh to Rs. 60 lakh bracket, while 60% of sales poured in from Rs. 60 lakh to Rs. 1.5 cr bracket. Rest 25% of sales came from Rs. 1.5 cr+ bracket.
To grow the legacy of iconic Mercedes-Benz brand in the Asian subcontinent, the company has coined a holistic strategy including Speed City for AMG enthusiasts, inaugurating and expanding luxury international MAR 20X standard dealerships and expanding the portfolio to incorporate new vehicles. Speaking of new launches, we will witness three new BEVs in the remaining quarters of 2024 and two new TEVs launching in Q2 2024 – AMG S63 e-Performance and AMG C63 e-Performance.
Statement from Mercedes-Benz
“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. This trust reflects in the unmatched desirability for Mercedes-Benz in India, resulting in an overwhelming customer response.
Our focus continues to enhance customer delight by increasing our network footprint with latest luxury standards, and continued product offensive with a sharp focus on TEVs and BEVs. Mercedes-Benz is committed to the Indian market, having a long history and well-established footprint from various aspects of production, purchasing and extensive R&D activities.”
