India’s largest luxury carmaker Mercedes-Benz India today announced an upward revision of the price of its select model range effective first week of October 2020. The price correction would be up to the range of a moderate 2%, varying across select model range. The weakening of the Indian currency compared to the euro since the past six to seven months, combined with an increase in input costs have been exerting significant pressure on the overall operations. Mercedes-Benz also has been introducing new technologies and features like ‘Mercedes Me connect’ across its product portfolio making them enhanced and updated. The combination of all these factors led Mercedes-Benz India to correct the prices of its select model range.
Mr. Martin Schwenk, Managing Director & CEO, Mercedes-Benz India said, “As the leading luxury car maker in India, it remains our endeavor to offer the latest products, best of technologies, service offering and ownership experience to our customers. However, the weakening of the currency since the beginning of the year, combined with a sharp increase in the input costs have been a matter of concern, creating significant pressure on our bottom line.
To offset these costs and drive a sustainable business, we have few options but to make some nominal yet necessary price adjustments. We as a customer centric brand will be absorbing most of the impact, however passing on a portion of it up to 2%, seems inevitable.”
He further added, “Despite the nominal price revision, our specially designed financial programmes like Wish Box 2.0 and a host of service packages will enable the discerning customers to drive home their favourite Mercedes-Benz and enjoy the vehicle ownership associated with Mercedes.”