luxury car prices higher in India than globally, say luxe car marketers. The luxury car market has shrunk from 41,000 units to 34,500 units between calendar 2018 and 2019, and top luxe car brands are playing in a market that comprises only 1.5% of the overall passenger vehicle sales in India. Rudratej Singh, president & CEO of BMW Group India, has said, “We don’t have a level-playing field because nearly 50% of the price tag goes towards paying tax. Luxury has created a connotation of sin tax even though 95% of our production is local and we are creating employment and bringing global technology to Indian customers. Our products and customers are globally aligned, but the pricing is not. This has caused shrinkage in the market,” he added.Last week, BMW India launched the facelifted X1 for a price starting under Rs 36 lakh. In the UK, for example, the same car is available for a price starting under Rs 28 lakh. In the US, the tag is even lower at Rs 26.6 lakh. BMW India did just under 10,000 units in calendar 2019 (including the Mini). Luxury car market leader Mercedes Benz did 13800 units.“We are playing musical chairs in… Read full this story
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