Luxury car manufacturer BMW has said that it expects the luxury car segment in the country to grow 10 times within the next decade. With purchasing power of the people going high, sales of luxury cars in the country are experiencing a tremendous growth which is expected to continue in future. However, of late because of increase in interest rate and high price of fuel, sales of car in the country has dipped, but with the festive season round the corner one expects the sales to pick up.
At an event in Pune where BMW launched its new BMW X3 SUV, Dr Andreas Schaaf, President BMW India said that the company expects to sell 60,000 units per year by 2021. He further added that the company will be investing Rs 70 crores in a bid to ramp up production. Mr Schaaf further added that it has ramped up its production capacity since June. BMW’s only production unit in the country is in Chennai where number of units produced has been raised from 10,000 to 11,000. The company has done so by starting a second shift of production