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The Premium car and SUV market in India is booming up. Renowned makers like Fiat, General Motors and Toyota are also expected to soon roll out their luxury marquees vying for the Indian pie. Some of the global premium car makers who are already planning to bring out their luxury cars to India are Alfa Romeo, Hummer and Lexus.
Global premium makes a cautions approach before entering the Indian market. Presently, the products are being adapted to suit the Indian market. Since all the luxury brands will be brought in as CBUs (completely built units), the affordable for the high-end buyer. The customs duty for imported cars stands at over 110 percent. Car makers want to showcase their hi-end brand technology through the launch of these models.
Dealerships are also being spruced up. While car manufacturers are currently short listing the existing dealerships, they are also looking at setting up new dealerships. Fiat with its recent joint venture with Tata Motors is trying to make a comeback in the Indian market. Fiat will launch the Grande Punto and Linea early in 2008, which will be followed by the launch of the Alfa Romeo, part of Fiat’s high-end stable.
General Motors India is presently conducting a feasibility study for the Hummer. As per company officials, GM is keen on capturing a 9-10 percent share of the Indian market by 2010. GM has plans to achieve this through its volume and niche strategy. However, the Chevrolet models – Optra, Tavera, Aveo and Spark will be the bread and butter for GM for a couple of more years.
Toyota, the Japanese car maker is also contemplating launch of its high-end Lexus brand. As per market analysts, the luxury car segment is still a very small fraction of the entire Indian car market. The big players like BMW and DaimlerChrysler were selling 134 units and 251 units, respectively in the April-October period.
With many more auto players planning to launch products in the luxury segment, this segment is likely to see much more numbers in the coming months.
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