Mercedes aims to grab top position in India’s luxury EV market

German automobile company Mercedes Benz plans to capture the top position in India’s luxury electric vehicle (EV) market. Mercedes will benefit from the absence of the world’s largest electric car maker Tesla from the country. This year the company will launch three electric cars.

Martin Schwenk, Mercedes business head in India, told Reuters Told Along with assembling a luxury EV, the company will also start a fast charging network across the country. It may also consider manufacturing batteries in the country. Martin said, “We are starting aggressively in the EV market. About 25 percent of our sales in the country will come from EVs in the next five years. Our ambition is to be the leader in the electric segment.” Tesla has postponed the plan to start business in India due to high import duty. Mercedes can get the benefit of this.

Mercedes will debut in the country’s luxury EV market with an imported electric model of its AMG EQS 53 4MATIC performance car. Its price will be around Rs 2.45 crore. This car will have a range of up to 580 kilometers in a single charge. This will be followed by the launch of the locally assembled electric version of the S-Class sedan EQS. Later this year, the company will launch another imported car. Small and low priced cars are sold more in India. The share of luxury cars in this market is about one percent. Mercedes will get the benefit of lower tax on local assembling of the electric version of its car. The tax on EVs made in the country is 5 percent and on imported cars is almost 100 percent.

Martin said that the lower tax is a big incentive for customers to buy electric vehicles. To allay range fears, Mercedes will be installing around 140 EV chargers in multiple cities by the end of this year. These will include ultra-fast chargers that can charge up to 80 percent in about 40 minutes. The company says that if the sales of any of its models reach thousands of units, then it will also consider manufacturing batteries and other components for these cars in the country. Mercedes plans to invest more than 40 billion euros by 2030 in developing EV batteries for the international market.

(This news has not been edited by NDTV team. It is published directly from syndicate feed.)

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