Page 3 - Luxury Car

Tougher EU money laundering rules target crypto, luxury vehicle dealers

"It is a good day for EU citizens and businesses, but bad day for oligarchs and terrorists," said Eero Heinaluoma, one of lawmakers who took part

BMW India posts record sales of luxury cars, motorcycle at 22,940 units

German automotive group BMW on Thursday reported record sales of its luxury cars and motorcycles in India at 22,940 units in 2023. The automaker sold a total of 14,172 units across BMW and MINI brands last year. It also retailed 8,768 units of motorcycle (BMW Motorrad) in 2023. The company's sales rose by 19 per cent last year as compared to 19,263 units in 2022. "2023 has been a record-breaking milestone year for BMW Group India. All three brands 'BMW, MINI and BMW Motorrad' have delivered their highest-ever sales," BMW Group India President Vikram Pawah told reporters here. He noted that the company has successfully retained its leadership in the electric luxury car segment for the second consecutive year. "We continue to set the pace in the Indian electric luxury vehicle market with the most diverse and innovative product range, designed to cater to diverse customer needs," Pahwa said. The BMW iX is the highest-selling luxury electric vehicle in India, he stated. On the sales

Luxury carmakers Mercedes, Audi see record sales in festive season

Luxury carmakers Mercedes and Audi have dispatched record units this festive season as the demand for high-end cars continues to grow in the country. Driven by brisk sales throughout the year, the luxury car industry in India is hopeful of achieving its best-ever performance this year. In an interaction with PTI, Mercedes-Benz India Managing Director Santosh Iyer said the festive season this year from Onam to Diwali has been better than last years', owing to multiple new launches, an attractive portfolio and also strong customer sentiment. "We have seen record deliveries during Dussehra, Dhanteras and Diwali reflecting customer enthusiasm," he noted. Iyer said that the automaker continues to have a positive industry outlook, expecting record sales this year. It however expects supply chain-related disruptions to continue to pose challenges, affecting the production and availability of SUVs, especially the GLC. "We continue to have a positive industry outlook, expecting record sale

Rolling in luxury: Top-end carmakers spin wheels of bespoke experience

From drifting and slaloming on sheets of ice to bending laws of motorsport physics, auto majors curate thrills beyond the road

Bengal allows luxury taxis to be painted in colours other than white, cream

Luxury taxis in West Bengal will be allowed to be painted in any colour other than white or cream for a fee of Rs 20,000 for each vehicle, a notification issued by the state transport department said. The authorities will grant permission for motor cabs (luxury taxis), rendering limousine service, to be painted in any colour other than white or cream, for which an amount of Rs 20,000 will be charged as an application fee from the interested service provider for each vehicle, said the notification, issued by Transport Department secretary Saumitra Mohan on September 19. Necessary amendments in the West Bengal Motor Vehicles Rules, 1989, shall be made in due course, it said. According to the notification, the department has been receiving proposals for granting permission for all Bengal luxury taxi permits for vehicles to be painted in any colour other than white or cream. "As per Rule 270(2) of West Bengal Motor Vehicles Rules, 1989, the state transport department may, by order, all

Raymond Group's Singhania takes on Maserati on safety, performance

Singhania also criticised the carmaker for failing to return his representatives' calls for over a week, questioning the level of customer service provided

Luxury car market poised for record sales in 2023 after stellar H1 numbers

Indian luxury car segment is driving towards an all-time high sales this year with the big three, Mercedes-Benz, BMW and Audi, posting record numbers in the first half of 2023. In the January-June period this year, German luxury carmaker Mercedes-Benz posted its best-ever half-yearly sales in India at 8,528 units, a growth of 13 per cent over 7,573 units in the year-ago period. Similarly, compatriot BMW Group also posted record sales of 5,867 units of luxury cars across its BMW and MINI brands during the period, its best half-yearly sales in India. Another German luxury carmaker, Audi, posted a 97 per cent jump in retail sales in India at 3,474 units in the first half of 2023 as compared to 1,765 units in the January to June period in 2022. "Our estimate is that in the first six months (of the year) about 21,000 cars have been sold in the luxury space and normally H2 (second half) is better than H1. So, our estimate is that the whole luxury cars segment should be close to about ...

ED raids realty groups IREO, M3M, seizes luxury cars worth Rs 60 crore

The ED on Monday said it has seized luxury cars worth Rs 60 crore, including those of Ferrari, Lamborghini, and Bentley, and jewellery valued at Rs 5.75 crore during raids on real estate companies IREO and M3M in a money laundering investigation. The federal agency said in a statement that the searches were carried out on June 1 at seven of their locations in Delhi and Gurugram. The owners, controllers and promoters of the M3M Group -- Basant Bansal, Roop Kumar Bansal, Pankaj Bansal and other key persons -- deliberately avoided investigations during the raids, the ED alleged. The agency has been investigating the IREO group for the last few years on charges of diverting, siphoning off and misappropriating funds of investors and customers, and it was later found that "huge amounts of money running into hundreds of crores were siphoned off through the M3M Group too". "In one of the transactions, M3M group received about Rs 400 crore from IREO Group through several shell companies in

Mercedes Benz India eyes double-digit growth in market share in 2023

Mercedes Benz, India's largest luxury carmaker aims to achieve a double digit growth in market share this year, a top company official said on Monday. The company sold 15,822 cars last year, the highest in the luxury segment and achieved double digit growth, Mercedes-Benz India Vice President Sales and Marketing, Lance Bennett told reporters here. He was speaking after inaugurating a revamped MAR20X showroom in the city, boasting of a dedicated MAR20X EQ Display and Exclusive Corner for Top End Vehicles (TEV). Tamil Nadu was an important market for the vehicles in India, with 45 per cent growth, contributing 20 per cent to the pan India market and Coimbatore has showcased a robust 32 per cent year on year growth, Bennett said. "We are excited about the growth potential of Mercedes-Benz in Tamil Nadu. The TEV segment has witnessed robust growth in Coimbatore, underlining the segment's popularity," he said. According to Sharath Vijayaraghavan, executive director, Sundaram Motors, t

Just two months into 2023, Lamborghini crosses its India sales target

Lamborghini has already received orders for 100 cars in India in less than two months

BMW, Audi and Mercedes most preferred luxury car brands among young Indians

India's used-luxury-car market is growing 20% annually, with sales volume averaging more than 60,000 units a year, according to Spinny

Duty hike won't apply brakes on luxury car demand, say automakers

For mass segment cars priced above Rs 35 lakh, move can lead to more localisation

Rolls-Royce's performance 'unsustainable', says CEO Tufan Erginbilgic

The new CEO Erginbilgic told employees that they lose money in every investment and investors were losing patience with the engineering group

Drivers of change: More women buy luxury cars in post-pandemic shift

Audi India has registered a 27 percent growth compared to the last year selling 4187 retail units in 2022

JBM Auto launches first self-designed electric luxury coach 'Galaxy'

JBM Auto on Wednesday launched its first self-designed and self-manufactured electric luxury coach 'Galaxy' here at Auto Expo 2023. The company, a part of USD 2.2 billion JBM group, also showcased its new series of e-buses, including city bus, staff bus and school bus. Expanding the company's offering in the emerging electric vehicle segment, JBM Auto Vice Chairman Nishant Arya said it will grow "exponentially" over the next few years. "The new range of electric buses will address the growing market requirements, especially the fleet owners, who are looking for sustainable, safe, reliable and profitable solutions," said Arya. However, the company did not disclose the price of the coach. Currently, 1,000 JBM electric buses are plying in 12 states. "JBM group is the only player in the Indian market to offer an entire EV ecosystem and is committed to investing in green mobility solutions," Arya added. Besides, JBM Auto will invest in upgrading manufacturing capacity and setting up

Luxury cars: India's wealthy splurging on personalising wheels of fortune

The minimum waiting period for owning a prized set of wheels has stretched to 18 months, and buyers are loosening their purse strings further to get these rides customised to reflect their personality

Luxury carmaker Audi to hike vehicle prices by up to 1.7% from January

Luxury carmaker Audi on Wednesday said it will increase prices of its model range by up to 1.7 per cent, with effect from January 1, 2023. The company said it is hiking the prices due to an increase in input and operational costs. "The primary objective of the company's business strategy focuses on a model that begets profitability and sustainability. The price correction is affected as a result of the rising supply-chain-related input and operational costs," Audi India Head Balbir Singh Dhillon said in a statement. The new price range for the company models is directed at maintaining the premium price positioning of the brand, ensuring sustainable growth of both the automaker and its dealer partners, he added. Audi India's current line-up includes the petrol-powered A4, A6, A8 L, Q3, Q5, Q7, Q8, S5 Sportback, RS 5 Sportback, and RSQ8. The electric vehicle portfolio under the e-Tron brand comprises the e-Tron 50, e-Tron 55, e-Tron Sportback 55, e-Tron GT and RS e-Tron GT. Mainstr

High taxation limits growth of India's super luxury car market: Lamborghini

High taxation is limiting the expansion of the super luxury car market in India, which otherwise is on a growth path, according to Italian automaker Automobili Lamborghini's Chairman and CEO Stephan Winkelmann. Lamborghini, which sells a range of super luxury cars with prices starting from Rs 3.16 crore in India, had recorded its best-ever sales in the country in 2021 at 69 units, beating its previous record in 2019 when it sold a total of 52 units. "India is a market for us which is on a growth path like most of the markets we have around the world," Winkelmann said in a virtual interaction. When asked what is limiting the growth of super luxury car sales in the country, he said, "If we come to the specific of the Indian market, it's clear that the Indian market has, like other high taxation markets, a limit in growth. This is something we have to understand, if we look at what is happening in India." However, Winkelmann said, "We're very satisfied with (our) performance as we alw

Tighter seat belt rules work better for rider safety than alarm: Carmakers

Intention is noble but won't help if passengers decide to ignore it, they say

Luxury car market remains suppressed in India due to high taxes: Audi

Waldenburg-Dresel said it was the frequent changes in policies and high taxation on luxury cars which was hampering the growth of the segment