No slowdown for India's super-rich, as super-luxury automobiles are selling like hotcakes

• Image Credit: Internet

• Jun 19, 2022 | Kabir Chakraborty

"We have a very solid order book going into 2022. The trend appears to be positive based on what we've seen in the first five months "Sharad Agarwal, the head of Lamborghini India, told the media.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">Digital
Desk: Sales of super-luxury cars costing more than Rs 2 crore are expected to
surpass pre-pandemic highs this fiscal year, thanks to an expanding client
base, geographic reach, and product selection.

mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">The
number of luxury cars purchased by India's super-rich in 2018 was 325, but that
number practically dropped in 2020 as the Covid-19 pandemic struck.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">According
to sources, Lamborghini, the Italian super-luxury automobile company, has
witnessed strong bookings despite the economic downturn and is on track to
achieve its best-ever sales in India.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">"We
have a very solid order book going into 2022. The trend appears to be positive
based on what we've seen in the first five months "Sharad Agarwal, the
head of Lamborghini India, told the media.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">"These
figures do not reflect the market's potential for super-luxury automobiles.
India is producing the world's second-largest number of billionaires. We used
to sell our cars to third and fourth generation businesspeople.
First-generation businesspeople, entrepreneurs, and women are now among our
customers. The number of customers has grown "Agarwal went on to say.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">Mercedes-share
Benz's of high-end luxury cars priced over Rs 1 crore has more than doubled to
29% in 2022, up from 12% in 2018. According to Mercedes-Benz India's managing
director, Martin Schwenk, about a third of the 5,000 pending orders are for
vehicles costing more than Rs 1 crore. Mercedes-Benz will sell 2,000 luxury
automobiles in 2021.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">Even
though the rising cost of entry-level vehicles is obvious, it has been unable
to impact the premium end of the market.

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mso-fareast-font-family:"Times New Roman";color:black;mso-themecolor:text1">According
to report, the luxury car market in India is sitting on pending orders of over
10,000 units.