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MUMBAI, 24 July 2023: Luxury car manufacturer Lexus has its sights set on entering the Indian electric vehicle (EV) market by 2025. While the company is best known for its self-charging hybrid vehicles, it is currently preparing to launch its first electric vehicle in India within the next two years.
The move comes as competitors like Mercedes-Benz, BMW, and Audi have already made significant strides in the country’s luxury car segment, with their own EV offerings already available.
To ensure a successful entry into the Indian EV market, Lexus is diligently conducting a comprehensive market survey. Additionally, the company took the initiative to bring in a few vehicles in 2022 for testing under various climatic conditions prevalent in India. This step allowed them to gather essential customer feedback and valuable insights, all of which have been shared with the headquarters in Japan. By leveraging this knowledge, Lexus aims to launch its first EV product in India by 2025.
This endeavor to introduce an electric car in India aligns with Lexus’s global strategy to eventually transition to a fully electric lineup by 2035. As a subsidiary of the renowned Japanese auto major Toyota, Lexus has been assigned a significant role within the group’s electric technology initiatives. Given India’s position as a key market for the group, the upcoming EV launch in the country holds considerable importance for the automobile giant.
Furthermore, Lexus is looking to venture into the used car business in India, a domain already explored by competitors such as Mercedes-Benz, Audi, and BMW through their dedicated pre-owned car business divisions. Currently operating through 23 touchpoints across India, the luxury carmaker plans to convert some of these sales outlets to cater to the pre-owned car market. The company is evaluating the business viability of dealer partners and is expected to roll out the program in select outlets, starting possibly by the third quarter or early next year, with a focus on cities with a substantial existing vehicle population.
Lexus India President, Naveen Soni, emphasized the meticulousness of their market analysis, stating that they are keenly studying the market dynamics. The ultimate goal is to make a significant impact on the luxury car segment in India, where the likes of Mercedes-Benz, BMW, and Audi currently dominate the sales charts. By entering the EV space and exploring the used car market, Lexus aims to establish a stronger foothold in the country’s automotive industry.
Conclusion
Lexus is strategically positioning itself to take on the challenges of India’s luxury car market. With plans to launch its first EV in the country by 2025 and explore opportunities in the used car business, the brand is poised to make a compelling impact. As they work towards their broader global vision of achieving a fully electric lineup by 2035, all eyes are on the upcoming EV launch in India.
