Munich-based BMW Group India posted a strong double digit growth in 2016 after two years of decline, and has carried the momentum into this year by logging 8% growth till May, confident that this figure will continue to rise in the coming months; it is currently the fastest growing luxury car brand.
The company announced a fresh investment of $20 million. Vikram Pawah, MD and CEO of BMW India said that the firm will focus on profitability, bring in new technology, products, and enhance dealer network and customer engagement. He added that plans to locally manufacture the new 5 Series, will take the number of models made locally to 8, which is almost half its portfolio, reports the Economic Times.
“We are sitting at less than 2% of overall passenger vehicle market, it can grow to 5-10% in the coming years and BMW would like to drive that growth,” said Pawah.
