In 1954, when India was taking its baby steps as an independent nation, industry tycoon JRD Tata stitched a partnership with Daimler-Benz for 15 years to launch Tata Mercedes-Benz (TMB) trucks. This was the first time the iconic three-pointed star logo debuted on Indian soil. However, the oldest surviving imported Benz car in India has been with the PC Muthu Chettiar family in Chennai since 1914.
By the onset of economic liberalisation beginning 1991, Mercedes-Benz was no stranger to the Indian market. Sought after by film stars, businessmen, politicians, and other wealthy folk, it was a symbol of luxury and prestige.
The removal of the Licence Raj and beginning of de-licensing was like a gold rush for global automakers. In 1993, as India slashed excise duties as well as import duties on completely knocked-down (CKD) automobile units. That was when the German automobile giant Mercedes-Benz's journey officially started in India with assembly and manufacturing in 1994, becoming one of the first auto giants to do so after liberalisation began.
This time, it was through a tie-up with Telco (now Tata Motors), and the Mercedes-Benz W124 series E220 hit the roads the very next year. By 2000-01, Tata Motors sold its entire equity stake in Mercedes-Benz India to Daimler to pursue its own passenger car ambitions.
Come 2024, the premium segment, which was once termed a niche market, is fast evolving with rising disposable incomes and better infrastructure. However, Mercedes-Benz still remains the undisputed luxury king on Indian roads.
In 2023, luxury car sales in India hit an all-time high of around 47,000 units, with Mercedes-Benz India's share at 37 per cent, followed by BMW India with 30 per cent. The latest data from Jato Dynamics India shows that from January to November this year, Mercedes-Benz has seen a more than 8 per cent rise in sales to 16,203 units compared to the same period last year.
This story is from the December 12, 2024 edition of Business Standard.
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This story is from the December 12, 2024 edition of Business Standard.
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