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Business News › Industry › Auto › Auto News › One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr

One out of 4 Mercedes-Benz cars sold in India in

H1 2023 priced above Rs 1.5 cr
PTI Last Updated: Jul 11, 2023, 01:27 PM IST
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Synopsis
Mercedes-Benz India has reported its best-ever half-yearly sales in the country, with
8,528 units sold in H1 2023. The carmaker’s sales saw a YoY growth of 13% in the January-
June period, compared to 7,573 units sold in H1 2022. Mercedes-Benz also said sales in
the TEV (top-end vehicle) segment priced over INR15 million were up 54% YoY. The
company introduced five new TEV products in 2023 and launched its 'Retail of the
Future' business model.

Reuters
German luxury carmaker Mercedes-
Benz on Tuesday reported a 13 per cent
year-on-year growth in its sales at 8,528
units in India in the first half of 2023,
its best-ever half-yearly sales in the
country. Mercedes Benz India had sold Most Searched Stocks
7,573 units in the January-June period 3249.95
Eicher Motors Share Price

Mercedes-Benz.
in 2022. 01:36 PM | 11 Jul 2023
76.05(2.40%)

1067.45
Sun Pharmaceutical
There was very high demand for TEV (top-end vehicle) segment priced above Industries Share Price
Rs 1.5 crore in H1 2023 at 2,000 units, a growth of 54 per cent, it added. 01:36 PM | 11 Jul 2023
22.45(2.15%)

5251.70
"One out of four Mercedes-Benz sold in H1 2023, belongs to the TEV segment," Apollo Hospitals Enterprises
Share Price
the company said.
01:36 PM | 11 Jul 2023
93.35(1.81%)

9903.25
Maruti Suzuki Share Price
01:36 PM | 11 Jul 2023
166.95(1.71%)

472.40
ITC Share Price
01:36 PM | 11 Jul 2023
6.55(1.41%)

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7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times

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In the second quarter of 2023, Mercedes-Benz India said its sales were also its Enter your email id

highest-ever Q2 sales in India at 3,831 units, an 8 per cent growth over 3,551
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units in the year-ago period.
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"The 54 per cent growth in the TEV segment is quite strong and that has been
our focus. We also introduced five new products this year in the TEV segment.
The focus on the segment and the customer base there really helps us to grow,"
Mercedes-Benz India Managing Director & CEO, Santosh Iyer told PTI.

The growth in the TEV segment is despite the long waiting period, which
ranges from 6 to 24 months, he added.

A younger, well-travelled and discerning customer base, who are ready to wait TAP TO WATCH

for their cars and plan their purchases well in advance have been fuelling the
growth of such top-end luxury vehicles, Iyer said.
Latest from ET
Mercedes-Benz India's TEVs portfolio include S-Class Maybach, GLS Maybach, 1. iPhones to get 'Made by Indian' push with
Tata's potential entry
top-end AMGs, S-Class and GLS SUV.

On the overall record sales of the company in H1 and Q2, Iyer said these were
2. Godrej eyes the moolah from India's record jet
deals

driven by "high desirability of the brand, an attractive portfolio, increased

availability of cars and successful implementation of the 'Retail of the Future' 3. Foxconn committed to India despite cutting JV
ties
business model".

"These numbers are also in spite of GLC (one of the popular selling models of
the company) not being there for the first half of the year, which now we will
introduce in quarter three," he added.

On the outlook for the rest of the year on the back of H1 sales, he said, "As we
predicted and planned, we had a double digit, 13 per cent growth in the first
half of the year. So that puts us on track for another record year... from an TAP TO WATCH

outlook perspective, we feel that our double-digit growth story should

continue for the second half of the year and for the full-year as well."

https://economictimes.indiatimes.com/industry/auto/auto-news/one-out-of-4-mercedes-benz-cars-sold-in-india-in-h1-2023-priced-above-rs-1-5-cr/… 2/9
7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times

He further said, "our biggest priority now for H2 or specifically for quarter
Popular in Industry
three is to launch a new generation GLC and introduce this car before the
festive season." 1. The RBI has just lobbed a
disruptor at the card sector

In the first quarter of 2023, Mercedes-Benz India had posted sales of 4,697
units, a 17 per cent growth over the year-ago period. The company, which 2. Finmin asks IBA to finalise
wage revision of bankers of
posted record sales in 2022 at 15,822 units, had sold over 3,500 units of TEVs, PSU banks by Dec 1
growing at 69 per cent.

3. 70% of HDFC top executives

to step down in integration
process
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Tuesday, 11 Jul, 2023
4. Hyundai launches micro SUV
Exter in India at Rs 5.99 lakh
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starting price, to compete
with Tata Punch
Foxconn, Vedanta Pull the Plug on
Semiconductor JV 5. Elon Musk's Starlink takes
Vedanta and Foxconn terminated their joint venture to make semiconductors another step for India foray
in India by “mutual agreement” to “explore more diverse development…

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NEXT STORY

Why product management? Exploring the benefits

of choosing this career path in 2023
ET Special Last Updated: Jun 16, 2023, 02:28 PM IST
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Synopsis
Product management is a stellar career choice in 2023 due to its dynamic nature. It
combines innovation, collaboration, and strategic thinking, playing a crucial role in
driving successful product launches, which also makes it a key role in tech-driven
industries.

https://economictimes.indiatimes.com/industry/auto/auto-news/one-out-of-4-mercedes-benz-cars-sold-in-india-in-h1-2023-priced-above-rs-1-5-cr/… 3/9
7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times
ET Special
In 2023, product management remains
an excellent career choice. It combines
innovation, collaboration, and strategic
thinking, playing a pivotal role in
driving successful product launches
and shaping customer experiences.
With its dynamic nature and potential
for personal growth, product
management is a prime choice for
individuals seeking a fulfilling and impactful career in tech-driven industries.
Product management is a critical function for any organisation that deals CAREERS TOP TRENDING TERMS

with the creation and launch of new products or services. A product manager CEO Leadership Workplace Future

is responsible for overseeing the entire lifecycle of a product, from conception COO Strength CEO Skills

to launch, and ensuring that it meets the needs of customers, in addition to

achieving the company's business objectives. In this article, we will explore
what product management is, the role of a product manager, and why product
managers are in high demand.
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What is product management?

Product management involves managing the development, launch, and
ongoing success of a product or service. The product manager is responsible
for identifying customer needs and market trends, defining the product
roadmap, and ensuring that the product meets the needs of customers and are
also aligned with the company's business objectives.

The product management process begins with market research and customer
analysis to identify the needs and preferences of the target audience. Once
these needs are identified, the product manager works along with the
development team to create a product roadmap that outlines the features and
functionality required to meet those needs. Throughout the development
process, the product manager is responsible for ensuring that the product

https://economictimes.indiatimes.com/industry/auto/auto-news/one-out-of-4-mercedes-benz-cars-sold-in-india-in-h1-2023-priced-above-rs-1-5-cr/… 4/9
7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times

meets these needs, is delivered on time and within budget, and is positioned
for success in the marketplace.

Learn end-to-end product management aligned to customer needs and

strategic business goals with this course.

The role of a product manager

The product manager is the key decision-maker for the product. The role of a
product manager can vary depending on the size of the organisation and the
complexity of the product. However, some of the core responsibilities of a
product manager include:
1. Defining the product strategy: The product manager is responsible for
defining the product strategy, which includes identifying the target audience,
defining the product's value proposition, and outlining the product roadmap.

2. Conducting market research: The product manager is responsible for

conducting market research to identify customer needs, market trends, and
competitive threats.

3. Creating product roadmaps: The product manager provides valuable

inputs to the development team to create a product roadmap that outlines
the features and functionality required to meet customer needs and achieve
the company's business objectives.

4. Managing the product development process: The product manager is

responsible for managing the product development process, which includes
setting priorities, making trade-offs, and ensuring that the product is
delivered on time and within budget.

5. Launching the product: The product manager is responsible for

launching the product and ensuring that it is positioned for success in the
marketplace.

This course will help you efficiently manage the end-to-end product life
cycle and deliver business success.

Why are product managers high in demand?

Product managers are high in demand because they play a critical role in
ensuring the success of a product or service. With the rise of the digital
economy, there has been an increasing demand for product managers who can
develop and launch new digital products and services. This has created a
shortage of skilled product managers, which is driving demand and salaries.

Here are some of the key reasons why product managers are in high
demand:
1. Product managers have a unique set of skills: Product managers are
required to have a unique set of skills that combine technical knowledge with
business acumen and the ability to understand customer needs. This makes
them a valuable asset in any organisation.

https://economictimes.indiatimes.com/industry/auto/auto-news/one-out-of-4-mercedes-benz-cars-sold-in-india-in-h1-2023-priced-above-rs-1-5-cr/… 5/9
7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times

2. Product managers are strategic thinkers: Product managers are

strategic thinkers who can see the big picture and understand how a product
fits into the overall business strategy. They are able to identify opportunities
and risks and make informed decisions that are key to drive the success of the
product.

3. Product managers are customer-focused: Product managers are

customer-focused and are able to identify customer needs and preferences.
This enables them to create products that meet the needs of the target
audience and drive customer satisfaction.

4. Product managers drive innovation: Product managers are responsible

for driving innovation and developing new products and services that meet
the changing needs of the market. This makes them critical to the success of
any organisation that wants to remain competitive.
Learn the skills to effectively manage new and existing products with this
course.

FAQ’s
Is product management a good career in 2023?
In today's global business landscape, the demand for product managers has
skyrocketed, making them one of the most highly sought-after professionals.
In fact, they rank among the topmost in-demand tech jobs for the year 2023
across various industries and companies worldwide.

Why product management is the best career?

If you have a natural inclination for creative thinking, problem-solving, and an
insatiable curiosity, then product management may just be the perfect career
choice for you. It provides an opportunity to engage in a role where you can
continuously practise, learn, and experience substantial personal and
professional growth.

What is the future of product management career?

The future of product management is promising, with trends including agile
practices, data-driven decision-making, customer-centricity, emerging
technologies, cross-functional collaboration, and strategic business acumen.
Product managers will play a crucial role in driving innovation, meeting
customer needs, and shaping successful products in an evolving business
landscape.

Is product manager a good career in the future?

Yes, product management is expected to be a rewarding and promising career
choice in the future. As businesses continue to prioritise innovation and
customer-centricity, the demand for skilled product managers is likely to
increase. With opportunities for growth, impact, and leadership, product
management offers a dynamic and fulfilling career path in the evolving
business landscape.

Are product managers in demand 2023?

https://economictimes.indiatimes.com/industry/auto/auto-news/one-out-of-4-mercedes-benz-cars-sold-in-india-in-h1-2023-priced-above-rs-1-5-cr/… 6/9
7/11/23, 1:55 PM Mercedes-Benz: One out of 4 Mercedes-Benz cars sold in India in H1 2023 priced above Rs 1.5 cr - The Economic Times

Product management is experiencing a surge in growth, resulting in a higher

demand for capable product managers who can adeptly lead cross-functional
teams and deliver successful products.

This course will help you efficiently manage the end-to-end product life
cycle and deliver business success.

Highlights:
Product management: oversees product lifecycle, aligns with customer
needs and business objectives.

Role: strategy, market research, roadmaps, development, and launch.

Unique skills: technical knowledge, business acumen, customer focus.

Drives innovation, identifies opportunities and risks.

High demand and competitive salaries due to a digital economy.

Learn end-to-end product management aligned to customer needs and

strategic business goals with this course.

Disclaimer: This content was authored by the content team of ET

Spotlight team. The news and editorial staff of ET had no role in the
creation of this article.

( Originally published on May 17, 2023 )

Experience Your Economic Times Newspaper,

The Digital Way!
Tuesday, 11 Jul, 2023

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