BMW Group India president & CEO Vikram Pawah said the company has seen robust response to its EVs in the Indian market and has lined up multiple launches to consolidate its leadership position in this fast-evolving space.
Pawah said studies are on to gauge the feasibility of assembling electric vehicles in the country. A final decision will be taken shortly. At the moment, BMW imports all electric cars into India.
The German carmaker currently dominates the luxury EV market in India with a share of over 50%, and ahead of rivals Volvo Cars India, Mercedes Benz India and Audi India. The company sells four electric vehicles locally – i4, i7, iX and Mini Electric.
Pawah declined to specify details of the new electric vehicles the company is planning for launch in the country, mid-term. Globally, BMW is set to launch 12 full electric vehicles by 2025.
“We have already sold 46% more EVs in the first half compared to the whole of last year. EVs account for 13% of our sales,” Pawah said. “This is growing month-on-month. We expect EVs to comprise 15% of our sales by the end of this year or early next year, 25% should follow shortly after.” BMW India sold 500 EVs between January and June 2023. Overall, Pawah said customer demand in the luxury vehicle segment remains strong. “Our order intake for cars were 8,000 units in the first half. Last quarter was our best-ever. In May and June, with supplies improving our sales went up by 32%. The second half of the year should be better,” he said.BMW India sold 5,867 units in the six months to June 30, which is an increase of 5% over the same period last year. The company’s EV sales in this period went up 11X. Top-end vehicles like the 7 series, i7, X7, XM too saw saw strong traction, with volumes going up by 128% in the first half of the year.
Pawah said potential for luxury carmakers in India is promising. He added, “The Indian economy is resilient, there is no fear of recession among buyers here. Macro-economic indicators look positive. The top-end vehicle segment is growing well and now contributes to a fifth of our sales. Additionally, new models like the X1 are helping bring in first time buyers, expanding the luxury vehicle market”, he said adding, these indicators signal a healthy momentum sustaining in the market, mid-term.