Macro issues not impacting demand: Mercedes India CEO Martin Schwenk

Mercedes Benz India did not see any of the current macro-economic headwinds to adversely impacting the strong volume run the luxury car market leader was and expected India to be one of its top growth markets globally this year, said Martin Schwenk, Managing Director and CEO.

The German carmaker, on Friday, rolled out the EQS 580 4MATIC from its factory in Chakan near Pune, becoming the first luxury electric sedan to be assembled in India. India is the first market outside Germany where the EQS is being locally produced.

“Our products are stronger than all these disturbances,” said Schwenk, adding that the company has an order book of 7,000 units. Which means it could have sold more than what it’s currently selling if not for the semiconductor shortage, he added. “We expect to end the year with a 30 per cent year-on-year growth.”

The persistent inflationary trend, a weak rupee or the bear run in the stock market has so far not impacted the luxury car segment, he stated. 

With the launch of the EQB by year-end, Mercedes will have a portfolio of four EVs. It expects a fourth of its sales in India to come from electric in the next five years.