Mercedes-Benz India Posts Strong Double-Digit Growth, Eyes Future of Electric Mobility

Mercedes-Benz India is poised to close the year on a high note, achieving impressive double-digit growth in the competitive luxury automotive market. Despite the challenges faced by the automotive industry, the company is on track to see a 13% growth from January to September 2024, solidifying its position as a leader in the luxury vehicle segment.

In a recent interview with CNBC-TV18, Santosh Iyer, Managing Director of Mercedes-Benz India, shared the company’s success story and the factors contributing to its sustained growth, even amidst economic uncertainties and market fluctuations. “We are on track to finish the year with double-digit growth,” said Iyer, highlighting the remarkable achievement.

Exceptional Performance in Q3 2024

The third quarter of 2024 proved to be especially successful for the company, with Mercedes-Benz India posting a 21% growth in the July-to-September period. This growth far outpaced the broader market, which remained largely flat or showed negative trends during the same time. Iyer attributed this performance to the company’s strategic approach and strong demand across its portfolio.

“The festive season brought our best sales numbers in the company’s history,” Iyer added, underscoring how crucial the seasonal uptick was in driving the company’s success. This record-breaking sales performance reflects the growing appeal of the brand among Indian consumers, even in a highly competitive and often unpredictable market.

The Changing Automotive Landscape and Tesla’s Potential Impact

As discussions intensify about Tesla’s potential entry into the Indian market, sparked by speculations surrounding Elon Musk’s involvement in U.S. advisory councils under President-elect Donald Trump, Iyer expressed optimism about the competitive landscape. He welcomed the idea of Tesla’s entry into the Indian market, viewing it as a positive development for the overall electric vehicle (EV) ecosystem in the country.

“I think it will be great if Tesla comes to India,” Iyer said. “Electrification needs all players.” He pointed out that the collective efforts of multiple automakers, including Tesla, in advancing electric mobility would benefit the entire market, creating a more robust and diverse EV ecosystem in India. Iyer’s comments reflect a broader industry sentiment that greater competition can help accelerate the adoption of electric vehicles and increase consumer interest in sustainable transportation options.

The Future of Electric Vehicles in India

Mercedes-Benz India has long been a player in the luxury electric vehicle space, and Iyer emphasized that the presence of more EV-focused brands, including Tesla, will only strengthen the shift toward electrification in India. He highlighted how traditional automakers, many of which have already started rolling out innovative electric vehicle models, are joining the EV race to meet the growing demand for sustainable mobility solutions.

“The presence of Tesla could further energize the shift towards electric vehicles in India,” Iyer noted. As more automakers, both traditional and new, enter the EV market, the overall growth and adoption of electric mobility in India is expected to accelerate, ultimately benefitting consumers and contributing to India’s green energy goals.