Lotus enters the Indian market with the Eletre electrical SUV priced at Rs 2.55 crore

Business Standard

British luxurious sports activities automobile model Lotus Automobiles made its debut within the Indian market on Thursday with the launch of its electrical automobile (EV), Eletre, out there in three variants.

Lotus Automobiles, owned by Chinese language automaker Geely, additionally plans to introduce its worldwide combustion engine Emira automobile to the Indian market in 2024. The corporate is scheduled to open its first Indian showroom in Delhi in March 2024.

India is presently contemplating a proposal to cut back import taxes on luxurious British electrical automobiles as a part of the continued free commerce settlement discussions between India and the UK.

Relating to this subject, Dominique Baumgart, Head of After-sales Providers (Asia Pacific, Center East, Africa and India) advised Enterprise Customary that such a improvement, if achieved, will undoubtedly contribute to considerably enhancing the corporate’s gross sales within the Indian market.

“Our UK manufacturing facility will get an enormous profit from this tax reduce in India. Fingers crossed. This may speed up our entry into the (India) market.”

The corporate goals to extend its gross sales in new markets comparable to India after the numerous international decline in its automobile gross sales in 2022. Final 12 months, Lotus offered solely 567 automobiles, which is 62 p.c lower than the 1,566 models it offered worldwide in 2021.

Luxurious carmakers offered practically 38 lakh models in India, with German carmaker Mercedes-Benz sustaining its place because the market chief. One of many main components contributing to the excessive value of luxurious automobiles in India is the imposition of hefty duties by the central authorities, starting from 70 per cent to 100 per cent when they’re imported as absolutely constructed models. For Lotus Automobiles, tariffs are on the increased finish of this spectrum, at round one hundred pc.

When requested whether or not the impression of excessive taxes on luxurious automobile costs issues him, Baumgart replied that if one appears on the costs of Lotus automobiles and compares them to these of different luxurious automobile producers comparable to Ferrari, Lamborghini and Maserati, the British model is “very aggressive.”

Satya Bagla, Managing Director, Unique Motors India, stated Lotus will open its first showroom in Delhi as it’s the capital and in addition an essential vehicle market within the nation.

“We are going to discover and see what sort of numbers (bookings) are coming in. “The problem can also be to allocate automobiles for India as a result of they (Lotus) already produce other markets with their orders fulfilled,” he added.

Lotus Automobiles has about 200 shops worldwide.

He stated Lotus was not frightened about demand however extra about provide.

“We can’t have empty showrooms,” Bagla famous. He stated Lotus would now maintain roadshows throughout main cities within the nation so that individuals would grow to be extra aware of Lotus. “It’s a 75-year-old model, however it is extremely new to India,” he added.

(Tags for translation) Free Commerce Settlement between India and the UK

Leave a Reply

Your email address will not be published. Required fields are marked *