Mercedes India Q1 2024 Sales At A New High – Stays Ahead Of BMW, Audi, JLR
India’s leading luxury car manufacturer, Mercedes-Benz, ended the month of March 2024 with style. Along the way, Merc registered highest-ever sales in a month (March 2024), highest-ever sales in a quarter (Q1 2024) and highest-ever FY sales (FY 2023 – 2024). Mercedes-Benz has hit this triple bonanza for the first time in its 30 years of operations in India.
If we analyse sales in Q1 of 2024, Mercedes-Benz alone held over 50% of market share among the legacy luxury car makers. Of the 9,968 luxury cars sold in Q1 2024, Mercedes-Benz accounted for 5,412 units, while BMW stood at 3,510 units, Audi at 1,046 units and JLR at 854 units.
Mercedes-Benz witnessed a 15.22% YoY growth in Q1 2024 analysis, gaining 715 units in volume YoY over 4,612 units from Q1 2023. In Financial Year 2023 – 2024, Merc dealerships across India delivered 18,123 units in total with a YoY growth of 10% over 16,497 units from FY 2022 – 2023, which is commendable.
India’s most sought-after luxury brand, Mercedes-Benz, offers a wide range of portfolio in India consisting of sedans and SUVs. Company’s best-seller continues to be the LWB E-Class and there are just a few units left of the current E-Class sold in India. Other notable sedans from the three-pointed star can be seen based on A-Class, C-Class and the mighty S-Class.
Demand for SUVs continues to surge and Mercedes-Benz has lined up its SUV portfolio to cater for this trending genre. In Q1 2024, Merc witnessed 60% SUV penetration among the total sales volume. GLA, GLC, GLE, G-Class and the recently launched GLS facelift contributed to that effect.
There has been a massive ripple from BEVs (Battery Electric Vehicle) as well. BEV penetration in Q1 2024 stood at 6% and BEV portfolio registered 130% YoY growth. The strong response to EQE SUV has contributed to this.
Another trend that Mercedes-Benz likes to highlight is the massive growth of TEVs (Top End Vehicles). The stats are interesting too: 25% of Mercs sold in India were TEVs. Breaking the numbers further, only 15% of sales fell in Rs. 45 lakh to Rs. 60 lakh bracket, while 60% of sales poured in from Rs. 60 lakh to Rs. 1.5 cr bracket. Rest 25% of sales came from Rs. 1.5 cr+ bracket.
To grow
