German automotive group Volkswagen is looking at India as a potential market for its affordable small electric cars and is working with partners on how to best introduce them in the market, its CEO Oliver Blume said on Sunday.
The group, which presented an all-electric small car family in its entirety for the first time at IAA Mobility, feels that the reduction of goods and services tax (GST) on automobiles in India makes the Indian automotive market, already the third largest, more attractive, Blume told PTI on the sidelines of the event.
Under the electric small car family, the VW Group showcased 'ID. CROSS Concept' SUV from Volkswagen brand, Skoda Epiq SUV along with sister models Volkswagen ID. Polo and CUPRA Raval.
Blume said the group has been working on the entry level electric mobility across its various brands to offer affordable sustainable mobility under its project called electric urban car family.
When asked how the group is looking at India as a market for the electric urban car family, he said, "India is a fantastic market, now the third biggest in the world. We see potential in India. We are sorting out what we can do with partners and also bringing a small car to India." He further said, "Also we see prospects for our premium and luxury brands in India." The VW group sells brands such as Volkswagen, Skoda, Audi, Porsche and Lamborghini in the Indian market.
Congratulating India on how it has developed, Blume said, "It is a very fascinating market." When asked for comments on the recent reduction of GST on automobiles in India, Blume said, "This helps a lot when you have lower taxes. We are a company that stands for free and fair world trade." Therefore, Blume said, "when you have an attractive tax policy for the automakers, that's attractive and that's also attractive for the country and for the people."
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
