India is fast emerging as a hot investment destination for luxury carmakers from across the globe, thanks to the rising number of billionaires in the country. German manufacturer Audi is the latest entrant into the bandwagon that is led by DaimlerChrysler and BMW. Audi India, Germany?s leading luxury car manufacturer will invest around 30 million euros in India till 2015, taking up the total investment in the country to around Rs 550 crore.
After three years of its presence in the country, Audi India plans to invest around Rs 175 crore at its assembly plant in Aurangabad to initially produce its mid-size luxury sedan A6 followed by A4s. This is in addition to the investment of Rs 250 crore made by DaimlerChrysler India at its upcoming plant in Chakan near Pune and another Rs 110 crore by BMW India at its recently commissioned assembly unit in Chennai.?Rising number of high net worth individuals in the country and the availability of large number of choices in the segment now has led to a boom in the luxury car market in India,? says Benoit Tiers, managing director, Audi India.
Over 300 Audi A6 sedans priced at Rs 39 lakh will be assembled in India in 2008 and the company plans to take up the number to over 2,000 units by 2015. However, only 70-100 units of A4, the new version of which will be launched at the upcoming Auto Expo, will be assembled initially when the company starts its production in 2008-end.
Luxury car market has seen a robust growth of 97.4% during November at around 75 units sold in the country. Even the cumulative growth of 76% during April-November is phenomenal at a time when the overall passenger car industry has grown by a mere 13.7% during this period.