Lexus set to foray into used car biz; roll out first EV in India by 2025

economictimes.indiatimes.com:

Lexus from next year is looking to foray into the used car business in India, having now completed six years in the market, according to a top company official. The Japanese carmaker, which currently sells its product range through 23 touch points, aims to transition some of the sales outlets to also cater to the pre-owned car vertical. Known for its self-charging hybrid cars, Lexus is now gearing up to roll out its first electric model in the country by 2025. In an interaction with PTI, Lexus India President Naveen Soni said the automaker is now seriously considering the introduction of a structured pre-owned car programme. He noted that the company will initiate the programme in select outlets after taking into account the business viability of the dealer partner. «So I think very soon, by the third quarter or maybe next year beginning, I should say,» he stated when asked about the timeframe the company was looking to get into the used car segment.

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Soni stated that the automaker is studying the market very keenly. «For us, the starting point would be cities where there is a sizable vehicle park,» he added. Soni noted that the company started selling vehicles in the country six years ago and there may be customers now who may like to sell their cars and upgrade to a new set of wheels. «So I think the time is ripe for at least some centres to transition into standalone used car outlets,» he stated. The company is also considering giving a short buyback scheme so that the consumer gets confidence, Soni said.

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When asked about the company's