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Sales of luxury cars zoom in 2023 after positive H1 results
Luxury car companies are fuelling growth mainly because of new launches and stable economic conditions.
The general consumer sentiment is positive to major luxury car players. With increasing purchasing power, it is also an added factor of sector growth. (Representative image: Håkon Sataøen via Unsplash)
Luxury cars are seeing an all-time high sales with Mercedes-Benz, BMW and Audi, posting record numbers in the first half of 2023. According to a PTI report, in the January-June period this year, German luxury carmaker Mercedes-Benz posted its best-ever half-yearly sales in India. The company sold 8,528 units and received a growth of 13 percent.
BMW Group also posted record sales of 5,867 units of luxury cars across its BMW and MINI brands during the period, its best half-yearly sales in India. On the other hand, Audi posted a 97 percent jump in retail sales in India at 3,474 units in the first half of 2023 as compared to 1,765 units in the January to June period in 2022, reported PTI.
These companies are fuelling growth mainly because of new launches and stable economic conditions. The general consumer sentiment is positive to major luxury car players. With increasing purchasing power, it is also an added factor of sector growth. As compared to other Asian economies which are developing or just newly developed, the luxury car penetration is between five to eight percent of the industry. In India, it is still at one percent which is giving players in the market ample room to scale up.
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