Mercedes-Benz confident of double-digit growth this year, rolls out 2 new models

German luxury carmaker Mercedes-Benz on Thursday sounded confident of posting a double-digit growth this calendar year and said it is expecting the demand to remain good in the coming festive season on the lines of last year.

Speaking with PTI at the launch of two new top-end car models, Mercedes-Benz India Managing Director and CEO Santosh Iyer said that the company is seeing growth in its electric vehicle portfolio also and it will come out with the electric version of Maybach in September this year.

With the unveiling of the Mercedes-AMG GLC 43 4MATIC Coup and CLE 300 Cabriolet AMG Line, priced at ₹1.105 crore and ₹1.10 crore, respectively, the company has strengthened its top-end product range further.

"We grew 9 per cent in the first half of 2024. Of course, quarter two is low seasonality and this year it was even low considering elections. But when we look at the third quarter it is again showing a good amount of bookings. The market is there. We are confident of a double-digit growth to end the year. And in that sense it should be our best year again," Iyer said.

"With the GLC 43 4MATIC Coupé and CLE 300 Cabriolet AMG Line, we are launching two highly desirable top-end vehicles. Our top-end vehicles (TEV) continue to drive strong customer loyalty and these two vehicles will further enhance the desirability of the TEV segment," Iyer said.

He said that the top-end segment grew 12 per cent against an overall 9 per cent growth in HI 2024, adding that the company's core luxury segment which includes the E-class, C-class GLC and GLE, accounts for 60 per cent of the overall portfolio in India.

"We will have our new E-class coming in. so we will also see a lot of momentum in our core luxury segment as well. So overall, we are quite optimistic. We would like to continue our dominance in the top-end segment," Iyer said.

Mercedes-Benz will launch the EQS Maybach SUV in India on September 5, he said. Mercedes-Benz India has 16 cars in its top-end portfolio, he said, adding that the company is very much focussed on the core and to-end entry-level segment.

"If I look at the current month (August), it has started off quite well," he said. Stating that the total passenger vehicle sales grew 14 per cent year-on-year in July, Iyer said, "I think the momentum is coming back after the short lull (due to the election period).

On the festive season demand, Iyer said, "We have already started getting the lead and inquiries in the system, so there is a positivity to buy and consume luxury cars. So I think it should be as good as it was last year."

Mercedes Benz India reported a 9 per cent growth in sales at 9,262 units in India in the first half of 2024, its highest ever half-yearly sales in the country, riding on strong demand across categories and availability of volume models.

The company had posted sales of 8,528 units in the January-June period of 2023, which was its previous highest half-yearly sales, Mercedes-Benz India said in a statement.

The BEV (battery electric vehicle) portfolio grew by 60 per cent in H1 24, comprising 5 per cent of total sales volumes.

Iyer said that last year Mercedes-Benz India electric car sales were 2-2.5 per of the total sales, which has now grown to 5-per cent this year, adding that "We are growing our electric portfolio as well, thanks to new product launches."

"So first we have to get more products, get the product portfolio right and we are sure over a period of time the penetration of EVs should increase," he added.

Noting that the electric vehicles offer a very good value proposition for the customers, he said India is now among the few markets where EVs are much closer as compared to vehicles with IC engines thanks to the government support of 5 per cent GST on EVs as compared to 48 per cent on ICE vehicles.

Stating that EV technology is expensive and needs support till the time a certain scale is reached, he said, "It is only a matter of time. And we are confident that it (EV) should grow more with new products and new portfolios."

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