BMW Group India on Thursday said it is leading in the luxury electric vehicle (EV) segment with more than 50 per cent market share and would expect to retain similar growth in the current calendar year.

“We actually dominate the premium EV space with more than 50 per cent market share. In terms of our demand, the i7 has a waiting period of two-three months still, with the combination of what a customer is choosing for. In terms of the i4, it had a pending order till the end of the year, but now the stocks have arrived so we expect that to be cleared over the next two months. The iX is sold out again. iX1 that we launched in Q4 also has some waiting period,” Vikram Pawah, President, BMW Group India, said.

The company was in the leadership position in the luxury segment for the second year in a row by registering a three-fold growth with 1,474 units in the EV segment with five products — i7, iX, i4, iX1 and Mini SE.

Robust sales

In the overall sales, BMW Group India recorded its highest-ever retail sales of 22,940 units (including two-wheelers), a growth of 19 per cent year-on-year (y-o-y) compared with 19,263 units in 2022.

Of the total, the company delivered 14,172 cars (BMW and Mini brands) and 8,768 motorcycles (BMW Motorrad). In cars, BMW sold 13,303 units and Mini 869 units, the company said.

Pawah said that the company will launch 19 products this year — 13 cars, including two EVs, and six bikes. It will be launching the all-new 5-Series, X3, Mini Countryman and Mini three-door hatch and the all-new R1300 GS in the motorcycle range.

Key challenges

When asked about challenges if any, especially with crisis like the Red Sea on shipment of goods, Pawah said that they are able to manage.

“There are some concerns with regards to the Red Sea. There is no doubt in it. There are certain delays that are being noticed, but of course, we do manage that. We see some delay, but not an overall impact... I think the main positive thing is that 2024 is more about the economic outlook and the robustness of the Indian economy,” he said.

Also, from the government’s side, he said there should be a level-playing field in terms of taxation for the existing as well as for new players in the industry, especially on the EV technologies.

“Our ask from the government has always been that if you want faster adoption of new technologies, and then localisation, there needs to be some rationalisation of the duty structure,” Pawah said, adding that if the duties were less, it will allow the companies to bring in products and offer it to the customer at the right price.

The luxury car market in India is estimated to have sold more than 47,000 units in CY23. The market leader Mercedes-Benz has grown 10 per cent y-o-y to 17,408 units (15,822), Audi India 89 per cent to 7,931 units (4,187), Jaguar Land Rover 66 per cent to 3,082 units (1,857) and Volvo Car India 31 per cent to 2,423 units (1,851).

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