Mercedes-Benz India ended 2024 with a 12.4 per cent growth with 19,565 cars delivered. In H2 the industry grew by 3 per cent and we grew by 16 per cent. This clearly shows a stronger momentum driven by the new launches. The top-end vehicle segment for us grew by 30 per cent while the electric vehicle saw a 94 per cent growth with more than 6 per cent penetration making us the market leader in the electric vehicle space as well. 

Mercedes-Benz has witnessed a demand coming from small emerging cities including mini metros, and capital cities. In 2024, we sold 90 vehicles in towns that never had Mercedes-Benz. The bigger factor is that the demand is not driven by entry-level luxury cars but the consumers are purchasing top-end vehicles.

We have a total order bank of 2,000 vehicle units which includes the EQS SUV and the newly launched E class. The electric G wagon is sold out till quarter three, the electric Maybach is sold out till April while the E class is not available up till May this year.

The dollar to the rupee has depreciated but the Euro to rupee is the same, our imports are dependent on the Euro and not the dollar. If the Euro becomes strong then we will have to take price increases. We are closely monitoring the exchange rates. 

In 2025, we will be going closer to our customers. There will be 8 product launches and we will be expanding the network across the country. We will grow our touch points up by 20 touchpoints this year including Jammu, Patna, Agra and Kanpur. Further, our dealer partners will be investing ₹450 crore over the next three years to revamp the entire network to modern luxury boutiques. Presently we have 40 luxury boutiques. 

For Mercedes-Benz, the entry-luxury vehicle sales have been flat. The entry luxury segment is only 15 per cent of our volumes, while our core segment has grown by 20 per cent and top-end vehicle segment by 30 per cent. In the entry-luxury segment, there are more price-sensitive customers and we don’t actively offer price discounts in the market.