german carmaker mercedes benz said that the luxury car market in india has bottomed out after almost a year of declining sales the sales of affordable passenger vehicles may still be declining but the demand downturn may just be over for luxury carmakersgerman carmaker mercedes benz said that the luxury car market in india has bottomed out after almost a year of declining sales the countrys largest luxury carmakers sales improved 25 during the julyseptember period over the preceding quarter backed by a 29 uptick in sales in september from august the sales in october too look better than september martin schwenk md of mercedes benz india told et advt we have bottomed out in terms of sales decline the industry too should have bottomed out for our company we are cautiously optimistic to come back up and make 2019 an exception and not the rule schwenk saidlast week a spokesperson for bmw india mercedes closest rival in the country too said that they see the demand improving slowly but steadily over the coming three to four quartersthe sales of luxury cars in india have taken a beating amidst a wider consumption slowdown and a paucity of liquidity in the lending sector in the aftermath of the ilfs crisis with about 350000 millionaires in the country and relatively less penetration of luxury cars as compared to developed economies the luxury segment typically outperforms the overall market in india however the segment is headed for one of the worst sales declines ever this year in tandem with the overall car marketduring the ninemonth period from january to september this year the industry has collectively sold between 26000 and 28000 units of luxury cars as per industry estimates which is a drop of 20 over the same period last yearschwenk said that mercedes is planning to launch one product every month on an average over the next few months which will be accompanied by an expansion in the number of dealerships to bring more customers into its fold having sold almost 10000 units during the nine months leading to september the company expects sales to grow further in october followed by a dip in november which is conventionally a slow month for car sales if we manage to reach the sales which we had in 2018 i would be fine schwenk said about sales during the october to december period read alsomercedesbenz india launches g350 d at rs 15 cr exshowroommercedes to test cartox technology on wintry roads by nehal chaliawala shashwat mohanty etauto published on oct 17 2019 at 0821 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of