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₹1 crore. In the future, we will launch more cars and also assemble them in India, which will enable us to offer them at more affordable prices," Dhillon said.
“By 2028-29, almost half of our sales in India will be electric." With nearly 47,000 units sold, the luxury car market in India had its best-ever year in 2023. But its share in the overall passenger vehicle segment, which topped four million units, was under 1.2%.
India’s low per-capita income of $2,500 and high taxes (luxury cars attract 50% GST) have hindered the segment’s growth. High import duties of 70-110% also play spoilsport for super-luxury and high-performance models.
“We come into the picture when somebody earns $30,000-35,000 per annum. In India there are lakhs of people who earn this much but it is still a small percentage of the population," he said.
“In developed markets the share of luxury cars is 8-10% and some developing economies like Taiwan have a 20% share. We are yet to cross even 2% [in India] so there is substantial headroom."Milestone Alert!
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