Tesla's entry into India doesn't scare luxury car market leader Mercedes-Benz: 'Our electric car charging stations will be open'

This article was first published on the Benzinga India portal.

Tesla (unit)(NASDAQ: TSLA) may enter the Indian market, which is dominated by India's leading luxury car sellerMercedes-BenzThe company sees the arrival of Tesla as a positive development. The company believes that the arrival of Tesla will drive overall growth in the electric vehicle (EV) market.

Director of Artefacts and Chief Executive Officer, Mercedes (India) Inc.Santosh Iyer In a recent interview with India's Times of India, the company said, "Our electric car charging stations will be open to Tesla cars, just as they are open to other brands of electric cars. This optimistic outlook reflects the company's confidence in the expanding electric vehicle market and the potential benefits of new competitors.

Mercedes currently sells electric models at its dealerships and operates 116 charging stations at 36 locations in India. Even with Tesla's imminent entry into the Indian market, Iyer remains unmoved, pointing out that Tesla's price target is significantly lower than Mercedes'.

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Iyer believes that new entrants to the market will lead to expansion rather than competition for existing shares." He said, "New entrants will only increase sales volume in different segments of the market and contribute to market growth.

In the first quarter of 2024, Mercedes achieved record sales of 5,142 units, up 15% year-on-year. this year, Mercedes plans to launch three new electric models. Electric vehicles accounted for 7% of Mercedes' sales in India in the first quarter, and Iyer expects that number to rise to 25% or more by 2030.

Mercedes expects its EV lineup to grow significantly, supported by the success of models like the EQE SUV, EQB SUV and the High B耑 EQS luxury sedan. While the company is keeping a close eye on the new EV policies which may offer lower import tariffs for large investments, Iyer clarified that they are waiting for more details before making any commitments.

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This article originally appeared on Benzinga.com, Tesla's entry into India doesn't scare luxury car market leader Mercedes-Benz: "Our EV charging piles will be opened up

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