‘Market has seen structural changes…’: Mercedes Benz plans to expand in Indian EV market

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New Delhi: German luxury auto giant Mercedes Benz has plans to enter the Indian EV market seeing the growth of the market size. The firm is coming up with four more vehicles for Indian buyers in the coming year. Matthias Luehrs, head of the region overseas, Mercedes-Benz AG, said that they expect 25 percent of their sales from EVs next year.

Electric vehicles have been a growing market in the country and with the government’s policies promoting eco-friendly transport, the market is set to develop further. Matthias Luehrs stated that they are happy looking at the development of the EV market in India and expect their one-fourth sales from electric vehicles in the future. He said that the company is moving to an ‘all-electric future’ by 2030-32.

Talking about the Indian market, he said that they expect it to gather pace to align with their goal. Luehrs also said that if there are markets that need an ICE (internal combustion engine) car, so the company is flexible about it.

Luehrs was at a business review meeting in India, for the first time after Covid-19 broke out, and he considers India to be a crucial market for the firm as it has seen a structural change with the average buyer age getting younger and more women entering their customer base in the country. He mentioned that India was the fastest-growing market for the auto giant with a volume growth of 41 percent in 2022.

Mercedes Benz India currently offers EQB, EQC, EQS – 53 AMG and EQS 58, with their respective waiting periods. In the ICE segment, Mercedes Benz will also launch the new generation GLC and GT63 AGM e-Performance with plug-in hybrid technology.

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