Mercedes-Benz has clocked its highest-ever annual sales in India in 2023 with a growth of 10 percent on a year-on-year basis. On the sidelines of the GLS facelift launch, Mercedes-Benz India announced that it had sold 17,408 units in 2023, against 15,822 units it sold in 2022.
- SUVs accounted for 55 percent of total sales
- EVs contributed to 4 percent of sales
SUVs accounted for 55 percent of the volume, buoyed by high demand for the newly launched GLC and GLE, while the sedan segment comprised 45 percent of sales. “This is our ‘best year ever’ not only in terms of sales but also drastic improvement in customer satisfaction parameters,” MD and CEO, Santosh Iyer said.
The company noted that all three segments – entry, core, and top end – performed favourably throughout the year, and the LWB E-Class remained the single highest selling model in 2023. EV sales grew by three times during the year, contributing to 4 percent of the total volume. Mercedes-Benz’s electric vehicle portfolio comprises the EQB SUV, EQE SUV and the EQS sedan.
With the Indian economy rising and a growth seen in the number of high-net-worth individuals, the Indian luxury car market continued to outpace the mass market passenger vehicles last year, with a growth of 20 percent. Favourable changes in perception towards luxury cars and a growing economy are expected to keep driving the luxury market to new heights. Mercedes-Benz has projected that India’s luxury car market will double to over 80,000 units by 2030.
Our sister publication, Autocar Professional, had earlier reported that Mercedes-Benz India had almost doubled its net profit during the financial year 2022-2023, crossing the USD 100 million mark (about Rs 841 crore) for the first time. A 65 percent jump in revenue on the back of 16,497 car sales drove strong profit growth.
Hormazd Sorabjee
Anurag Chaturvedi
