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HomeBusinessMercedes-Benz eyes India's electric vehicle market with new entry-level models

Mercedes-Benz eyes India’s electric vehicle market with new entry-level models

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Mercedes-Benz is set to introduce entry-level electric vehicles (EVs) in India, targeting first-time luxury car buyers, according to Managing Director and CEO Santosh Iyer. The company has recently launched the EQA 250, priced at Rs 6.6 million (£61,673), and the EQB 350 and EQB 250+ SUVs, priced at Rs 7.75 million (£72,419) and Rs 7.09 million (£66,251.58), respectively.

The company plans to launch the EQS Maybach SUV and electrified G-Class models in India later this year, expanding its electric vehicle portfolio. “Because of the compelling total cost of ownership (TCO) argument, we are also looking at a lot of first-time buyers in the luxury segment to consider the EQA and the EQB as a better option to shift to luxury,” Iyer told PTI.

Mercedes-Benz’s electric vehicle sales grew by 60 percent in the first half of 2024, now making up 5 percent of total sales volumes. The company reported a 9 percent overall sales growth in India, reaching 9,262 units.

In 2023, Mercedes-Benz achieved its highest annual sales in India with 17,408 units, marking a 10 percent increase. “We have new products coming up for the upcoming festive season. So, we feel we should be able to close the year with a double-digit growth as projected earlier,” Iyer said.

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