While car manufacturers are crying hoarse about plummeting sales month on month, there is one area of the market yet to be affected by the slowdown. I am talking about the upper crust, which comprises the top 0.001% of the car market.
This is the sort of clientele to whom 'a few lakhs here and there' don’t matter and who routinely buy cars worth crores. They spend the cost of an entry-level luxury car on the options itself and, for this market, there does not seem to have been a slowdown.
On the contrary, the appetite for high-end luxury cars and super cars seems to have only increased. This segment has stayed steady with ever increasing interest highly customised luxury cars now taking centre-stage.
In the super luxury space (the Rs 2-crore plus segment) major players such as Land Rover, Mercedes, Lamborghini, Porsche, Bentley and Ferrari have raked in good sales for their premium products.
Lamborghini has sold more than 50 of their Urus SUVs within a year of its launch and currently it has big a waiting list. Surely, no signs of an 'economic slowdown' here! The Urus, in fact, has attracted over 70% new customers to the Lamborghini, seeing which the global car major has decided to bring in more customisation options, in the form of its 'Ad Personam' package, soon for the Urus. The pricing for the Urus starts at Rs 3 crore.
Not far off in terms of pricing is the Mercedes AMG G63 and while it is slightly less expensive than the Urus, at Rs 2.3 crore, it has sold way more than the Italian Super SUV and can comfortably take the tag of being the best selling performance SUV with likes of Hardik Pandaya and Ranbir Kapoor as its owners. The G63 has been a massive hit in India and its looks and performance have contributed immensely to its fan-following.
The Range Rover, too, has been one of the highest-selling SUVs in this space and has outsold its rivals. The Range Rover is massively popular — not just with Bollywood stars but also with the wealthy in general, and most Range Rovers are bought as highly customized cars with a lot of options thrown in.
While the Range Rover occupies the top spot in the super luxury SUV space, the Maybach has given stiff competition to the likes of Rolls Royce in the super luxury sedan segment, with this sub-brand of Mercedes being hugely successful in India.
For these cars, the sky is the limit when it comes to customisations and it seems that the ongoing weak economic sentiment has had little effect on their sales in India. Thus, there is no doubt that the super rich in India have loosened their purse strings and are having no intention of tightening it, slowdown of not!