Luxury carmaker Lexus is looking to expand its customer base in India, strengthening its sales infrastructure as part of its strategy to increase sales in the country, where it is expected to will see the premium segment return to pre-Covid levels this year, according to a senior company official. . The company, the luxury car arm of Japanese automaker Toyota, completed six years of operations in India earlier this month and now plans to strengthen its position with a series of measures aimed at bringing more volume and growth.
In an interaction with PTI, Lexus Indian President Naveen Soni said the company intends to increase revenue contributions from professionals such as doctors, architects, lawyers, pilots and those working in corporations, among those other, to reduce business risks.
Currently, the majority of the company’s sales in the country come from people engaged in business activities, he noted.
“Business class is the most important class we serve overall…There could be some impact on exporters and others due to global headwinds…So we’re here. having to be careful in developing the market towards professionals and others is the new challenge we are taking on,” said Soni.
It is very important, he added, to reduce business risk by attracting more and more segments and more people to try the company’s products.
“To serve people who work in the enterprise sector, we are adopting models like lead, subscribe, etc. So the idea is to let more and more people experience your product and care. to them,” said Soni.
When asked about the company’s plans to strengthen its sales network, he noted: “We will have about 25-30 different types of stores by the end of the year.”
The company currently has 19 sales agents across the country.
He noted that the Indian market has huge growth potential in the luxury car segment.
“This year, we are looking at double growth in sales… that could help the Indian market become our top three markets in the Asia region,” he noted. Pacific”.
The Indian market is already among Lexus’ top ten markets in the region.
Lexus India reported a 76% increase in sales for 2022 compared to 2021. However, the company does not share absolute numbers.
Soni said the domestic luxury car segment is expected to record its best-ever sales this year, surpassing the 40,000-unit mark achieved in 2018.
“If that happens, the entire industry will benefit…the interest of global players will be renewed in the market,” he said.
Furthermore, Soni said: “If we can showcase the potential of the market, the strength of the agency partners, the potential for future growth, then you can request more resources from the head office. and definitely make a difference for our consumers.”
He noted that the current size of the luxury car market does not reflect the strength of the country’s economy.
“The country aspires to be the third largest economy by 2030…But if you consider the luxury car market, we’re not anywhere near the global rankings,” he said.
Soni said that to celebrate the company’s 6th anniversary in India, the company has launched the ‘Lexus Life’ initiative to bring privileges and experiences to its customers.
Lexus India currently sells six models in the country, including the locally produced ES 300h sedan.
First published date: March 27, 2023, 08:23 AM IST
