PTIChennai, Tamil Nadu, IndiaOct 23, 2016, 12.44 PM (IST)
Iconic British luxury car brand Aston Martin is eyeing good growth in the Indian market and plans to launch a new product every nine months, a top company official said.
Aston Martin has been selling cars under the brands Vantage, Rapide and Vanquish in India, as well as the recently launched DB11.
"The market has been fairly stagnant due to harsher economic conditions. However, with the new products coming, we expect real growth in India," Aston Martin president, Middle East and North Africa, Neil Slade told PTI.
The company recently launched its latest luxury brand DB11, successor to the DB9 launched in 2003.
"The DB11 showcases a fresh and distinctive design language, pioneering aerodynamics, and is powered by a potent in-house designed 5.2 litre turbocharged V12 engine."
"The Aston Martin DB11 is a fine balance of beauty and performance. We at Aston Martin are proud to showcase this powerhouse to our discerning clientele in India," he said.
To a query on the sales target for the next two years, he declined to divulge any figures, but said that "with the new products we expect good growth".
"We will be launching our new products every nine months from now in India," he said.
The company has been selling between 3,500 - 4,000 units over the last few years. "We expect our stability (in sales) to continue," he said.
"Our second Century plan is an exciting time for Aston Martin, starting with a complete line up to be released in the coming five years," he said.
Asked about the growth of premium luxury car segment in India over the last two years, he said, "The market has been fairly stagnant due to harsher economic conditions."
On import duty for cars not manufactured in India, he said it was punitive and had an impact on sales.
"This is punitive. Of course, it impacts sales potential," he said.
On the launch of DB11 in the market, which already has stiff competition with the presence of Ferrari and Lamborghini, he said, "No doubt our new products are revolutionary."
He said their cars have ground breaking technology and beautiful design. "We are an everyday luxury vehicle with emphasis on comfort and style," he said.
Asked about the target customers for DB11 in India, he said it will be existing high luxury car owners.
"Typically, it may be businessmen in their late 40s or early 50s with children in their late teens, who also enjoy the car.
"There are also others in their early 20s and some in the late 60s who buy our cars for the absolute thrill of owning them," he said.
On projected sales in India, he said, "It is a small market, but we view it as having great potential in future."
Majority of sales in India is from metros, he added.