Live
- Another hostage in the Gaza Strip has died: Israel
- Gujarat Congress slams BJP for 'unethical practices' amid election season
- High BP in childhood may raise risk of heart attack, stroke later by 4x: Study
- T20 WC: 'It's got to do with the balance of the team', says Moody on Rinku’s omission from India squad
- Why PM Modi is loved by leaders across party lines, ex-BJD MP shares personal experience
- West Indies batter Devon Thomas guilty of match-fixing, banned for five years
- ‘Sabari’ review: Varalaxmi Sarathkumar captivates in this psychological thriller
- Only BJP-NDA in a position to form government at Centre: PM
- Gujarat heat alert: Temperatures soar above 40 degrees, yellow alert issued for four days
- Niharika Konidela’s ‘Committee Kurrollu’ Wraps Up Shoot
Mercedes-Benz eyes 'substantial' growth in India
Mercedes-Benz eyes ‘substantial’ growth in India
German luxury carmaker Mercedes-Benz expects 'substantial' growth in India this year driven by a lineup of 15 products and sustained demand recovery being witnessed from the fourth quarter of last year, according to a top company official
New Delhi: German luxury carmaker Mercedes-Benz expects 'substantial' growth in India this year driven by a lineup of 15 products and sustained demand recovery being witnessed from the fourth quarter of last year, according to a top company official.
The company, however, sees reaching its peak level of 2018 in India, only in 2022, due to supply-chain constraints especially in Europe. "Overall, I think we can really assume that the momentum which we have seen in the fourth quarter is continuing... With the reduction of Covid cases a lot of normalcy has happened. We have seen very strong demand in all our range. "I would think the festive season plus new products have triggered that, and would continue in 2021," said Mercedes-Benz India Managing Director and CEO Martin Schwenk.
He was responding to a query on the company's outlook for the ongoing calendar year. Schwenk further said, "We have 15 products in our pipeline. With (the ongoing) demand we should have a good chance for recovery and substantial growth in 2021." In 2020, the company had reported 43 per cent decline in sales at 7,893 units in India, as compared to 13,786 units sold in 2019. Giving a perspective of how the demand recovery has been steady and strong in the second half of 2020, he said, "We have seen in the fourth quarter of 2020, a 40 per cent increase compared to the third quarter."
In the first quarter of 2020, the company had sold 2,386 units and it plummeted to just 563 units in Q2 due to the lockdown. It sold 2,058 units in the third quarter and in the fourth quarter clocked 2,886 units, a growth of 40 per cent as compared to the preceding quarter.
