BMW India, the top luxury car maker in the Indian market, has said that it may miss the sales target set for this year in the domestic market. Earlier, the company had targeted to sell 10,000 units of its cars in this year, but as demand in the country is slowing down continuously, reaching this target looks very difficult for the company. The statement for the German auto giant came after the sales figures in the month of October were not as good as expected before.
Speaking to the reports in Gurgaon on Thursday, BMW India President Andreas Schaaf said, "Yes, it is increasingly becoming tough and we could miss our target of selling 10,000 units this year." He added, "Till October this year, we have sold a total of 8,042 cars in India, accounting for 40 per cent of the luxury car market. Since then it is getting much more difficult and the market has changed."
The luxury car segment was unaffected by the negative sentiment of the market until a few month back, but now it has gradually started affecting sales in the luxury segment also.
BMW is currently receiving a tough competition from its arch rivals Mercedes Benz and BMW in the Indian auto market. The car maker is closely followed by erstwhile segment leader Mercedes Benz India and rapidly growing Audi India, at second and third positions, respectively.
