That might come as a bit of a surprise considering the negative press that this truck gets. Some of that might be well-deserved but the reality is that the Cybertruck is going to achieve a portion of its sales figures simply based on what it is rather than how good it objectively is. During July, buyers spent an average of $111,018 on it, but it still managed to outsell every other six-figure vehicle.
Read: Tesla Cybertruck Owner Shocked That His Vehicle Is A Depreciating Asset
That data comes directly from the folks at Kelley Blue Book. Notably, its data confirms that the GMC Hummer EV actually sold for more per unit, $111,242 versus $111,018, but the GM product didn’t sell as well. What’s perhaps most interesting is that the Cybertruck managed to outpace traditional gas-powered trucks along with everything else in this price segment.
“The thing about the U.S. is its diversity, and that goes for the U.S. auto market as well,” said Erin Keating, executive analyst at Cox Automotive.
“There are many expensive, high-profile vehicles out there, but consumers have many good options priced well below the industry average. We hear this from the large dealers all the time: No matter the budget, chances are we can make something work. This is particularly true where inventory is higher, and incentives are following,” Keating added.
As we’ve covered in the past, top-end gas-powered trucks are getting more and more expensive these days. No matter how classy and capable they are though, it would seem as though buyers with the cash to splash prefer the Cybertruck. On top of that, Tesla saw an average transaction price increase of 11 percent year over year across its model range.
In Q1 2024, BMW India saw a remarkable 51 percent year-on-year increase in sales, totaling 3,510 cars. Additionally, its subsidiary MINI experienced a notable 52 percent growth, selling 170 units during the same period. This remarkable performance was primarily fueled by soaring demand for its SUVs and electric vehicles (EVs). Notably, popular models such as the BMW X7, X3, X1, and 3 Series witnessed overwhelming demand.
Audi India
Audi India achieved a notable milestone by retailing 7,027 units in the fiscal year 2023-24, marking an impressive overall growth of 33 percent and its highest-ever sales since 2015. However, in Q1 2024, the manufacturer’s sales shrinked by over 46 percent as compared to Q1 2023 with sales of just 1,046 units. The company has blamed supply chain disruptions for this and is optimistic for the future.
JLR India
In the FY2024, JLR India achieved sales of 4,436 units, marking its highest performance in the last five years. This reflects an impressive year-on-year growth of 81 percent.
Notably, the Range Rover and Defender models witnessed significant year-on-year retail sales increases of 160 percent and 120 percent, respectively. Additionally, the recently launched 2024 Model Year Discovery Sport and Range Rover Evoque demonstrated strong growth, with year-on-year increases of 50 percent and 55 percent respectively.
In the fourth quarter ending on March 31, 2024, JLR India continued its strong performance, achieving total retail sales of 854 units, witnessing a notable 43 percent year-on-year growth.
Audi sales slipped 46.4 per cent during the quarter to 1,046 units. Industry estimates suggest other luxury carmakers, including Volvo and JLR, sold over 1,800 cars during the first three months of 2024.
As for Mercedes, sport utility vehicles comprised 60 per cent of its quarterly sales while sales of top-end vehicles comprised 25 per cent of the total.
Electric-vehicle (EV) sales grew 130 per cent, and EV penetration in its sales stood at 6 per cent in January-March quarter 2024.
As for the coming quarters, Mercedes plans to launch 12 cars in India, said Santosh Iyer, managing director and chief executive officer of Mercedes Benz India.
“Of this, three would be battery EVs,” he said.
Mercedes-Benz will debut the AMG S 63 e-Performance sedan and the cracker AMG C 63 e-Performance, strengthening its AMG performance portfolio.
“We have an order book of 200 cars and some of our cars have a waiting period of up to one year,” Iyer said, adding the firm had launched three cars in 2024.
Iyer said 85 per cent of the company’s cars were priced above Rs 70 lakh. Mercedes is entering 10 emerging markets this year with its workshop.
The year 2024 has started on a strong note for luxury carmakers, which have been having a good run in the past one year or so.
Releasing its January-March quarter numbers, Vikram Pawah, president, BMW Group India, had said: “BMW Group India has posted strong performance in the first quarter of the year. Breaking earlier records, first-quarter car sales achieved new heights with successful growth of 51 per cent.” The company delivered 211 electric vehicles in the January-March quarter.
On the other hand, while the first-quarter performance of Audi India has been muted thanks to supply-chain disruption, in 2023-24, the company posted a growth rate of 33 per cent, selling 7,027 units.
Releasing the quarter numbers, Balbir Singh Dhillon, head of Audi India, had said: “We have seen a robust growth rate of 33 per cent in FY24 on the back of a diverse portfolio. Our product portfolio continues to witness strong demand and we are poised to overcome supply challenges. Despite ongoing growth in the luxury market, which is tapering off on the back of record-breaking sales in 2023, we are confident about the industry’s potential to exceed 50,000 cars in 2024.”
Not concerned by impending entry of Tesla: Merc CEO
Mercedes Benz India MD and CEO Santosh Iyer on Thursday said he is not concerned about Tesla’s impending entry into the Indian EV market. He told Business Standard that more players entering the EV space here is better for the overall market growth. Tesla operates more at mass-market price points, and therefore, are not a direct competition to the luxury battery electric vehicles, said Iyer. Entry of the American EV maker will help to expand the market and accelerate EV adoption in India.
