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McLaren to enter India market later this year
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(Reuters) – British sportscar maker McLaren said on Monday it was entering the Indian market, with its first retail outlet set to open in Mumbai later this year.
(Reuters) – British sportscar maker McLaren said on Monday it was entering the Indian market, with its first retail outlet set to open in Mumbai later this year.
India is largely a low-cost and price-sensitive car market in which luxury models account for just over 1% of total annual sales of about 3 million.
McLaren said it had selected Infinity Cars as its retail partner in the country, with the Mumbai outlet set to open in October.
Tesla Inc put on hold plans to sell its electric cars in India and abandoned a search for showroom space after failing to secure lower import taxes, Reuters reported in May.
Maruti Suzuki, majority-owned by Suzuki Motor Corp, dominates the entry-level, small car segment in India and is the country’s biggest carmaker.
(Reporting by Anirudh Saligrama in Bengaluru; Editing by Shounak Dasgupta)
The luxury automotive market refers to the segment of the car industry that focuses on high-end vehicles, which typically offer superior quality, performance, and features compared to standard models.
Market expansion is a growth strategy where a company seeks to increase its market share by entering new markets or segments, often through partnerships or new product offerings.
Mumbai is a major economic hub in India and serves as a key market for automotive companies due to its large population and affluent consumer base, making it an attractive location for luxury car brands.
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