This story was first published on the Benzinga India portal.
The probable entry of Tesla Inc. (NASDAQ: TSLA) into the Indian market is seen as a positive development by the country’s leading luxury car seller, Mercedes-Benz. The company is of the viewpoint that Tesla’s arrival will boost the overall growth of the electric vehicle (EV) market.
Santosh Iyer, MD & CEO of Mercedes in India, during a recent interview with the country’s Times of India newspaper, stated, “Our EV charging bays will be open for Tesla cars, just like they are for an EV of any other brand.” This optimistic outlook reflects the company’s confidence in the expanding EV market and the potential benefits of new competitors.
Mercedes currently markets electric models at its dealerships and operates 116 charging stations across 36 locations in India. Even with Tesla’s impending entry, Iyer remains unfazed, pointing out that Tesla’s targeted price points are significantly lower than those of Mercedes.
See also: Apple Doubles iPhone Production In India To $14 Bn To Further Reduce Dependence On China
Iyer is of the belief that new entrants into the market will lead to expansion rather than competition for existing shares. “New entrants will only expand volumes in different segments and grow the market,” he said.
The company reported a record-breaking first quarter in 2024, selling 5,142 units, a 15% increase from the previous year. This year, Mercedes plans to introduce three new electric models. EVs accounted for 7% of Mercedes’s Q1 sales in India, a number Iyer projects could rise to 25% or more by 2030.
Mercedes predicts substantial growth in its EV lineup, underpinned by the success of models like the EQE SUV, EQB SUV, and the high-end EQS luxury sedan. While the company is keeping an eye on new EV policies that may provide lower import duties for substantial investments, Iyer clarified they are awaiting more details before making any commitments.
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This article Tesla’s India Entry Doesn’t Scare Luxury Market Leader Mercedes-Benz: ‘Our EV Charging Bays Will Be Open’ originally appeared on Benzinga.com
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