Mercedes-Benz India aims to tap first-time luxury buyers with entry-level EVs

Mercedes-Benz is aiming to address the whole spectrum of electric luxury cars with a range of models but betting big on entry-level models like EQA to
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Mercedes EQA
Mercedes-Benz is aiming to address the whole spectrum of electric luxury cars with a range of models but betting big on entry-level models like EQA to tap the first-time luxury car buyer segment.
Mercedes EQA
Mercedes-Benz is aiming to address the whole spectrum of electric luxury cars with a range of models but betting big on entry-level models like EQA to tap the first-time luxury car buyer segment.

Mercedes-Benz India just launched the EQA electric SUV in the country, which comes as the most affordable electric car from the brand here. With the launch of this entry-level luxury EV in India, Mercedes-Benz is aiming to tap the country's first-time luxury car buyer consumer segment, which has a huge potential for growth in the coming years. Speaking to PTI, Mercedes-Benz India's Managing Director and CEO Santosh Iyer said that the German luxury car marque is looking at electric entry-level models to attract first-time luxury car buyers.

Iyer stated that this strategy is in line with the brand's goal to achieve another double-digit growth this year. The Mercedes-Benz EQA 250 electric SUV has been launched at an introductory pricing of 66 lakh (ex-showroom), which sits alongside the new EQB 350 five-seater electric SUV, priced at 77.5 lakh (ex-showroom) and EQB 250 seven-seater electric SUV that comes priced at 70.90 lakh (ex-showroom).

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Watch: Mercedes EQA review: The smallest luxury electric SUV dreams big

The OEM is betting big on the entry-level segment to achieve its goal of growth. "Because of the compelling total cost of ownership (TCO) argument, we are also looking at a lot of first-time buyers in the luxury segment to consider the EQA and the EQB as a better option to shift to luxury," Iyer reportedly said.

He added that the new electric cars from Mercedes-Benz, the EQA and EQB can be the options for consumers who have a household income of 1 crore and want to shift to luxury but always find the cost of ownership higher when it comes to EV vs ICE models. Now, with a lower TCO compared to a combustion engine counterpart, it will make their shift to the luxury segment faster, he added. "So for us, if customers are looking into TCO as a value proposition, I think the shift to EV can help them to accelerate their jump into the luxury segment even faster," Iyer reportedly said.

The Mercedes-Benz official further said that a car like EQA at this price point, at this configuration, will help the company to get new customers. “More importantly, it may get new first-time luxury buyers into the EV segment because the total cost of ownership is cheaper than a (internal) combustion engine vehicle," he said.

Mercedes-Benz aims whole spectrum of luxury cars

Not just entry-level, but Mercedes-Benz India is aiming to address the whole spectrum of luxury electric cars, from entry-level luxury to top-end with its EV portfolio and will launch two top-end luxury electric vehicles later this year. "We will shortly announce the EQS Maybach SUV, which will be (priced) more than 3 crore, a top-end EV," he said, adding that the model showcases how luxury can be combined with sustainability at the top post level.

Mercedes-Benz currently leads the Indian luxury electric passenger vehicle market with its wide range of offerings in the segment, which also includes the EQS and EQE. The automaker also plans to launch the EQS Maybach SUV and electrified G-Class models in India later in 2024.

First Published Date: 10 Jul 2024, 08:46 AM IST
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