Taxation slowing growth of luxury cars in India: Mercedes
The Hindu
India needs to review the overall taxation of premium luxury vehicles, which is slowing the growth of such vehicles in the country, said Martin Schwenk, MD & CEO, Mercedes-Benz India.
“Duties, schemes, taxation is a massive burden... that is slowing the growth. So, we will have growth, but will not have exponential growth,” Mr. Schwenk said. “To come to really stronger growth, it would require more measures than we as a manufacturer can do.... we can only do so much in terms of cost,” he added. The company, which on Tuesday unveiled the new E-Class starting from ₹63.6 lakh, is also not ‘actively thinking’ of using India as a production hub at the moment, owing to the lack of domestic demand, he said.
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