Mercedes-Benz India has shattered previous records with its exceptional performance in the first quarter of Calendar Year 2024 (Q1 CY24).
The company reported an unprecedented 5,412 units sold during this period, marking its best-ever quarterly sales achievement. Additionally, March 2024 witnessed the highest monthly sales figures in the company’s history.
Growth and Expansion
Mercedes-Benz India has demonstrated a remarkable 15 percent year-on-year growth compared to the same period in the previous year. Moreover, the fiscal year 2023-24 witnessed a substantial increase, with the company recording its highest-ever annual sales volume of 18,123 units, signifying a 10 percent year-on-year growth. This exceptional performance underscores Mercedes-Benz’s dominant position in the Indian luxury car market.
Key Drivers of Success
Mercedes-Benz India attributes its stellar performance to several factors. Firstly, the brand’s strong resonance with Indian consumers in the premium car segment has played a pivotal role. With an enticing product portfolio, the company has consistently delivered delightful ownership experiences, fostering customer loyalty and brand advocacy. Additionally, innovative financing solutions offered through Mercedes-Benz Financial Services have further enhanced accessibility to luxury vehicles, driving sales growth.
Segment-wise Performance
The company’s performance across various segments highlights its diversified appeal in the Indian market. While the entry-level segment comprising the A-Class sedan and GLA SUV witnessed a 15 percent sales contribution in Q1 CY24, the core segment, including the C-Class, LWB E-Class sedans, and SUVs, dominated with a 60 percent contribution to overall sales volumes. Notably, SUVs accounted for 60 percent of total sales, with models like the GLA, GLC, GLE, and GLS garnering significant demand.
Emphasis on Top-end Vehicles
Mercedes-Benz’s top-end vehicle (TEV) segment remains a cornerstone of its success, comprising 25 percent of overall sales in India. Customers continue to show a strong preference for exclusive and luxurious models such as the GLS, S-Class, Mercedes-Maybach, EQS, G-Class, and the AMG range.
Commitment to Electric Mobility
In line with global trends towards sustainable transportation, Mercedes-Benz India has witnessed significant growth in its Battery Electric Vehicle (BEV) portfolio, registering a remarkable 130 percent year-on-year growth in Q1 CY24. The company’s focus on electric vehicles (EVs) is evident with plans to double its EV range in 2024. However, addressing challenges related to charging infrastructure and consumer awareness remains crucial for widespread EV adoption in India.
Future Outlook
Mercedes-Benz India is on it’s way to achieve continued success in the coming quarters. With plans to introduce 12 new models in CY24, including the highly anticipated AMG S63 E Performance and AMG C63 E Performance F1 Edition, the company aims to further strengthen its market position. Expansion of its dealership network, introduction of new showroom concepts, and enhanced service offerings underscore Mercedes-Benz’s commitment to delivering luxury experiences to Indian consumers.