Uday Samant, Maharashtra's minister of industries, said that Mercedes-Benz, the German luxury car-maker, plans to invest ₹3,000 crore in Maharashtra. Samant, in a social media post on X in Marathi, highlighted the investment's potential to generate additional job opportunities in Maharashtra's industrial landscape.
Meanwhile, Mercedes-Benz said that it is committed to its current investment plans in India which were announced in January, and which foresee an investment of about $24 million this year. Any further investments will depend on market demand.
He shared, “Had a meeting with the representative of Mercedes Benz company while on tour to Germany today. Mercedes Benz is going to invest ₹3,000 crores in Maharashtra this year. This will increase the number of jobs in Maharashtra along with industries. There was a discussion regarding this today.
“On this occasion, Mercedes-Benz Group of Management Board member Dr. Jörg Berger, Political Operations - External Affairs, Mercedes-Benz Group AG Director Mrs. Marina Krets, Sales & Marketing, Region Overseas, Mercedes-Benz Group AG Director Mr. Martin Schulz, Mercedes-Benz India Pvt Ltd Executive Operations Head Shri. Venkatesh Kulkarni and others were present,” Samant added.
The minister's interactions extended to various members of Mercedes-Benz's management board, including Dr. Jörg Berger and other key figures. This substantial investment is anticipated to boost the prospects of the Shiv Sena-BJP-NCP government leading up to the state assembly elections, countering opposition claims that Maharashtra is losing significant projects to states like Gujarat.
Moreover, Samant emphasised the delegation's discussions with German officials on enhancing skilled labour capabilities, particularly bridging the gap in technical expertise. Maharashtra aims to support Baden-Württemberg, a German state, in fulfilling its workforce requirements. Plans also include facilitating Maharashtra's workers with necessary technical skills and a basic proficiency in the German language, aligning them with employment opportunities in German enterprises. Samant's delegation also met with Winfried Kretschmann, Minister-President of Baden-Wittenberg, alongside other ministers to strengthen these collaborative efforts.
In April, Mercedes-Benz reported that one out of every four cars sold in India during the financial year 2023-24 was a top-end model, priced above ₹1.5 crore. This surge in sales of luxury vehicles was significantly influenced by the company's financial services division, Mercedes-Benz Financial Services India. "One of the catalysts is our financial services arm, Mercedes Benz Financial Services. Today their portfolio stands at around ₹8,000 crore. One in two Mercedes-Benz cars is financed by MBFS," stated Santosh Iyer, managing director and CEO of Mercedes-Benz India.
Mercedes-Benz achieved its highest-ever sales in India during the March quarter and is set to introduce nine new models in 2024. This lineup will include three battery electric vehicles and four new top-end vehicles (TEVs).
In Q1 2024, Mercedes-Benz's battery electric vehicle (BEV) portfolio experienced a 130% year-on-year (YoY) growth, driven largely by the strong reception of the EQE SUV. To further expand its electric offerings, Mercedes-Benz plans to introduce three new BEVs in the remaining quarter of 2024, effectively doubling its BEV lineup to six models by the year's end.
Additionally, Mercedes-Benz sold out its top-selling sedan, the long-wheelbase E-Class, much earlier than anticipated. Customer demand for the E-Class has exceeded our expectations, noted Iyer.
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