The slump in the Indian economy is leaving a huge impact on the automobile market. Majority of the auto makers are experiencing a steady decline in their product sales. The ultra-luxury segment of the automotive market is in the most disturbing phase. Majority of the top end luxury car makers are registering dismal sales in the market. It is forcing these exclusive and exotic brands to follow the exit route.
One such brand is Koenigsegg. This auto maker entered the Indian market some 3 years previously with its flagship hyper car Agera. The car came with a price tag of Rs. 16 crores. As of yet, the company has failed to sell even a single unit. Same is the case is Bugatti Veyron. With a retail price of Rs. 35 crore, this exotic sports car appears to attract stares but not the genuine interest of the Indian audience. Gumpert, a Germany based auto maker, also failed to sell a single car in the market and consequently filed for bankruptcy last year.
The case is not the same with every international luxury brand. Rolls-Royce, the British auto maker, is perhaps the most successful manufacturer here. Bentley has also received quite a good response. Their products are generally made to target the wealthy population with shared status and sentiments. But there are relatively little known brands like Maybach who still fail to register good sales despite rich lineage.
The major reason for the decreasing sales is that the government imposes a lot of import tax policies that makes the final price of the car almost double the actual price. Also, the Indian currency is standing weak. Nonetheless, some luxury brands appear to have not be deterred by the slow demand and are still planning to enter Indian market. Pagani, Spyker and Lotus are a few such hyper car manufacturers.
Also see – Koenigsegg Agera supercar India