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BMW Group India, which has been leading the luxury electric car space in the country for the past two years, will localise its electric vehicle (EV) portfolio as the volume increases, according to a senior company official.
In 2024, the Indian luxury car market is set to cross the 50,000-unit sales mark for the first time, with key players gunning for a strong double-digit growth. In the calendar year 2023, at over 20 percent, the luxury car market grew at more than double the pace of the mainstream car market, with volumes estimated to have hit a new peak of around 47,000 units.
BMW India aims to intensify its efforts to grow the sales of its performance-oriented models under the sub-brand ‘M’. And, as such, the German luxury carmaker is currently revamping its retail network in India with its ‘Retail.Next’ concept, which will establish dedicated ‘M’ zones inside these brand outlets.
BMW Group India, which registered 18 percent year-on-year (YoY) growth in 2023 by cumulatively selling 14,172 cars under its BMW and Mini brands, also registered a 56 percent growth in corporate sales. The company saw corporate sales contributing to about 40 percent of its overall CY23 volumes and is confident of future growth in the category.
BMW Group India today reported its best-ever annual sales for all three brands — BMW, Mini and BMW Motorrad — in 2023 while retaining its leadership position in the luxury electric car segment.
In a remarkable display of success, BMW Group India has set a new record for annual sales in 2023. Especially, encompassing all three of its prestigious brands – BMW, MINI, and BMW Motorrad. The automotive giant delivered an unprecedented total of 14,172 cars (BMW and MINI) and 8,768 motorcycles (BMW Motorrad) from January to December. BMW, with 13,303 units sold, and MINI, with 869 units sold, contributed significantly to this achievement.
The BMW 7 Series sedan took top honours at Indian Car of the Year 2024 by claiming the title of Premium Car of the Year 2024. It defeated the Mercedes-Benz GLC and BMW X1 in the race for the top prize. The premium car of the year was a closely contested battle between the BMW X1, Hyundai Ioniq 5, Range Rover Sport, Lexus RX, Volvo C40 Recharge, Lexus LX and of course the BMW 7 Series.
The BMW 7 Series has received the Premium Car award 2024 by ICOTY. The German automaker’s flagship sedan in its latest avatar has been considered a game changer, both for its unconventional looks and its extreme levels of technological prowess. The BMW 7 Series tipped the other contenders in the category, which was won by the Mercedes-Benz EQS 580 last year.