Jaguar Land Rover (JLR) India, a subsidiary of Tata Motors, expects to surpass the growth rate of the luxury car sector in India this fiscal year.
What Happened: According to a PTI report, JLR India is gearing up to strengthen localisation and broaden its product range. In the 2023-24 fiscal year, it registered a sales growth of 81%, selling 4,436 units.
The luxury car maker is targeting to double its business in India within the next three years. “The luxury car segment grew in the range of 20-25% last fiscal. We expect that the growth rate will remain in this range for the next couple of years. And we anticipate beating this growth rate,” stated Rajan Amba, Managing Director of Jaguar Land Rover India.
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Increased localisation of products, leading to price reduction and expansion of the sales network in the country, are anticipated to propel the company’s growth faster than the industry. Amba also highlighted that the number of high net-worth individuals in India is projected to double between 2023 and 2027, offering a significant opportunity for the growth of the premium-end car segment.
In line with its growth strategy, JLR India intends to introduce both internal combustion engine and battery electric vehicles to cater to customer demand. Amba also disclosed plans to extend the company’s sales network in new regions, without specifying the number of outlets the automaker plans to establish.
This development follows JLR’s decision to assemble its iconic Range Rover models in India, marking the first time outside the UK. The assembly will take place at the Pune plant in India. This move is expected to lead to a significant drop in prices for the locally assembled models by 18-22%, making these luxury vehicles more accessible to the Indian market. The Range Rover Sport is expected to be available for delivery as early as August this year.
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