Currently, India is one of the fastest growing luxury markets and many global luxury manufacturers like Mercedes, Audi and BMW have had witnessed high numbers in sales figures in this market. According to recent reports, Mercedes Benz is now looking at entering two tier and three tier cities.
The CEO and MD of Mercedes Benz, Peter Honegg, said that they are now set to expand their presence in two tier and three tier cities before long and aim on selling at least 50 units per annum in these markets.
Honegg also stated the future plans of the company during a company organized media interaction event on the occasion of the director completing 100 working days, about how they consider expanding their present portfolio, and introducing even more models in diesel variants because of the huge demand for them in this market.
While the company has apparently not yet narrowed down on the selection of their newer markets that they plan on exploring, they will be looking at around 7 to 10 tier II and tier III cities in one year, for a period of three to five years. The luxury auto manufacturer had recently announced about the opening of their financial arm.
Honegg said that right now, it is very early for them to talk about the type of impact this decision will have on their sales figures. However he did state that they think it is better to do things in-house in comparison to dealing with other companies. Although it will be difficult for them to contend with banks, they can easily offer a host of service packages via internal businesses.
