German luxury car maker, Mercedes-Benz, has set a target to triple its sales in India by the year 2020. Keeping up with the fast growing Indian market, Mercedes has made nine new launches this year, with the GLA 45 AMG 4MATIC SUV being the latest.
Mercedes-Benz officials say that the sales in India is much better than what its parent company estimated and this is enough for them to set good targets with respect to sales.
Eberhard Kern, the Managing Director & CEO of Mercedes-Benz India said, "It's an internal target and we are very much on track to achieve it. We are working on all the different pillars expanding our product portfolio, adding capacity and increasing our dealer network. So we should do even better than expected."
The target set is based on an assumption that car sales in India will reach 5 million units in the next six to seven years, with luxury cars making up 4 percent of that. The figure currently stands at 1.2-1.5 percent.
If things go as planned, the luxury car sales will hit the 2,00,000 units mark, which is triple the amount of sales, compared to the current sales, which is around 35,000-40,000 units a year.
Kern said "Diwali demand was better than last year all across our portfolio and models like the ML, GL, S Class and GLA are on the wait list. This year the growth is lower but on a much bigger base we are posting consecutive years of growth. Overall the market was a bit shaky in the beginning of the year but we expect real growth to kick in from 2015."