The country's largest luxury car maker Mercedes-Benz India hopes the measures announced by the government will bring about a pick-up in sales in the second half of calendar 2019.
"The (Friday) announcement of the Finance minister will definitely help change the mood a little bit. It will improve financial liquidity in the market. It will also create some confidence of the customers and that goes across the industry," said Martin Schwenk, managing director and chief executive officer, Mercedes-Benz India.
"I think it isn't the car industry only, (but) also the construction industry which needs some amount of positive momentum. I am personally thinking that now in the second half (of the year) you will see some of it. How fast and how quick we will see the growth coming back we don't know. I am quite confident that the second half of the year, which is a festive season, could see the business picking up," Schwenk added.
He was in Bhubaneshwar to open a dealer showroom in Odisha.
“We are grateful that government is taking measures now and trying to support the economy”, he added.
Schwenk said, in the fiscal year also, the company is definitely positive about the uptick trends.
The German luxury carmaker, the market leader in the segment, sold 6,561 units in the first six months of calendar 2019, down 15 per cent over the same period of 2018. Mercedes-Benz India also has the largest network among luxury car makers, with a presence of in 47 cities through 94 outlets.
“We are planning to perform better than last year for sure, but I don't know whether it will happen eventually," the top official said in response to a query.
The premium car maker is expected to bring new models within the next three months. Mercedes-Benz today inaugurated one of the largest integrated luxury car dealerships in Odisha.
“Mercedes-Benz has been the pioneer of luxury car market in India, and we have been steadily growing this market ever since. Emerging markets will be the next growth engines for the luxury cars and we are excited to participate in this growth story. The inauguration of T & T Motors, one the largest luxury car dealership in Odisha, reiterates our commitment of introducing an unparalleled brand and ownership experience, which is synonymous with Mercedes-Benz," he added.