COVID-19 restrictions have taken a toll on the country’s economy and this is visible from the automotive sales chart for May. But amid a downbeat market, the ultra-luxury car segment has found takers. Here's all that happened in the automotive space during this week:
Pratap Bose joins M&M
Mahindra & Mahindra has appointed Pratap Bose, the former head of design at Tata Motors, as its executive vice president and chief design officer.
Bose will lead M&M's newly formed global design organization comprising the UK-based Mahindra Advanced Design Europe and the existing Mahindra India Design Studio.
May auto sales grow 43% YoY
Automotive sales during May 2021 recorded an increase of 43 percent on account of the low base of the same month last year, as per data shared by the Society of Indian Automobile Manufacturers (SIAM).
Cumulative sales of passenger vehicles, two-wheelers and three-wheelers stood at 457,194 units during May 2021 as against 318,790 units sold during May 2020.
JLR may look at a battery factory
As it prepares a blueprint to step up play in electric vehicles, Jaguar Land Rover is keen on having control of key parts of the supply chain network including the batteries that support EV production.
The two Tata Motors-owned British luxury auto brands have announced elaborate plans of transitioning to electric vehicles over the course of nine years.
Automotive retail sales crash 55% MoM in May
Automobile retail sales crashed 55 percent in May compared to April as the COVID-19 lockdowns imposed across several states crippled vehicle offtake.
Total vehicle retails (including tractors) during May fell to 535,855 units from 1.18 million units sold in April, as per data shared by the Federation of Automobile Dealer Association (FADA) said.
Mercedes launches Maybach GLS 600
Mercedes-Benz Maybach GLS 600 4 Matic has been launched at Rs 2.43 crore making it the flagship sports utility vehicle from the German luxury giant.
Around 50 units of the luxury SUV have been ordered by customers in India, which a senior company official said, belonged to the sports, film and fashion designing industry.
Bharat Forge to acquire land for defence
Bharat Forge is looking to acquire 175 acres in an industrial park near Pune for Rs 240 crore which will house new factories for its defence and electric mobility business divisions.
These new assets which will come up at Khed City, will manufacture speciality vehicles, certain systems and aggregates that go into artillery guns and an assembly plant which will also house a testing facility.
Despite lockdown ultra-luxury cars find takers
More than 20 states had announced lockdown for varying periods during May in a desperate attempt to arrest the spread of the novel coronavirus. Though the lockdown took its toll on businesses it could not stop the sale of ultra-luxury cars.
These cars which are a level above the likes of Mercedes-Benz, BMW, Volvo and Audi are typically priced above Rs 2 crore a piece. As per data shared by the Federation of Automobile Dealer Association (FADA) Lamborghini and Ferrari found two buyers each for their exotic range during May.
Buoyed by the response Lamborghini introduced the 610 hp Huracan EVO Rear-Wheel Drive Spyder in India at Rs 3.54 crore. On the same day Mercedes-Benz launched one of its most expensive offerings, the Maybach GLS 600 4 Matic at Rs 2.43 crore.
What surprised market watchers is that the Maybach GLS 600 was sold out for India even before the vehicle was launched. All 50 units of the luxury SUV were booked in advance. The next lot of the vehicle will only be delivered in the first quarter of 2022.
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!
