German luxury carmaker Mercedes-Benz is anticipating India to be in the top 5 markets for Maybach globally. The company that launched the SL 680 Monogram in Udaipur witnessed a 140 per cent growth in Maybach in India in 2024.
The company sold 500 units of Maybach in the Indian market in 2024.
“India is a highly developed market with a tasteful sense of luxury. This is something that resonated well with the brand. There is a potential to grow even further in India into the top 5 markets for Maybach globally. Maybach had a show car, the Vision 6 some years ago, which was a two-seater car and that sparked the interest. We looked at the SL and found that the car is a suitable base for creating a Maybach version,” said Daniel Lescow, Head of Mercedes-Maybach in a media roundtable.
The top markets for Maybach globally include China, the USA and South Korea. The carmaker has introduced the SL 680 Monogram Maybach at a price of Rs.4.2 crore.
Mercedes-Benz has also introduced dedicated brand spaces called Maybach lounges that are available in India, Germany, South Korea and the Middle East.
The company will devise solutions to a reciprocal tariff that Donald Trump plans to implement from April 2, “We are multinational companies and we always find a way to deal with circumstances that we find in the marketplace. I think that is also the way we will look at challenges in the future,” added Daniel Lescow.
Indian luxury car market
The carmaker stated that the growth of the luxury car market in India could see an impact.
“The sentiments are muted currently when one looks at the capital markets and other sectors because of various geopolitical uncertainties. Structurally we do not see anything wrong from the economy or on the consumption side. One or two quarters could witness a flat or even a slight de-growth post which it should come back to a better growth rate. On a full-year basis, we feel it should be either flat or slightly better than last year,” said Santosh Iyer, Managing Director & CEO, of Mercedes-Benz India.
The recent announcement of a 6 per cent tax on electric vehicles costing more than Rs.30 lakhs in Maharashtra could impact demand, “In the past, we have seen an impact on demand in states whenever there has been an increase in taxes. However, if I look at the last three years of our electric vehicle penetration it has gone up from 2 per cent to 6 per cent. More consumers are accepting it and more vehicle product offerings are available,” he said.
Price increase
The company could increase the prices of its vehicle offerings in India, “We implemented a price hike in January. When we look at the exchange rate now, the euro to rupee has been a concern in the last 20 days. The Euro has reached to ₹95 and we have always priced the cars at ₹90. This is a significant increase and that may lead to price increases if it continues from April onwards,” added Santosh Iyer.
