As the US and India are getting into bilateral trade agreement over the next two weeks, luxury sports cars manufacturer Aston Martin on Saturday said that it would not only help US-based companies, but also other countries, if lower tariff rates are applied for all.
India has one of the highest import duties (110 per cent) in the world for completely built units (CBUs), so any move on lowering the tariff would help luxury car makers grow their sales in the country, a top official at British carmaker Aston Martin said.
“Without a doubt, we feel that anything that is an obstacle to any buyer or who would like to eventually buy an Aston Martin, should be removed. It should be as free as possible – India or any other market. So, any barrier that can be removed, we are supportive of that,” Gregory Adams, Regional President-Asia Pacific, Aston Martin, told businessline on the sidelines of a new car launch here.
He said wherever such high duties are applied in the past also, such barriers have reduced the demand for products in the categories.
“We will love to be in a situation in India or any other market for that matter, where barriers (high tariff) are removed so that people have a little bit more freedom so as to select their cars, particularly Aston Martin,” Adams added.
Sales in India
Meanwhile, he said the sales in India for Aston Martin have doubled to 21 units as compared to sales in 2021, and with rise in high income groups and entrepreneurs in the country, the sales are expected to grow more in the future.
The company launched the latest version of its supercar Vanquish at ₹8.85 crore (ex-showroom) powered by a 5.2 V12 Twin-Turbo engine with a class leading 835PS/1000Nm, the company said, adding that it also has the highest maximum speed of 214mph (345kmph) in an Aston Martin series production car.
The luxury and super luxury cars market have been growing well over the past three years, and companies are also launching their flagship models to cater to the demand here.
For instance, Mercedes-Benz India recently launched its Maybach SL 680 Monogram Series priced at ₹4.2 crore (ex-showroom; all-India).
In terms of sales, companies like Italian supercar maker Lamborghini also said it has delivered 113 cars in 2024 in India which was a 10 per cent increase over the sales in 2023.
