Luxury car maker BMW is on track to meet its target of 3,000

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cars in India this year. By end of June, the automaker has already sold close to 1,700 cars, moving ahead of expectations. In 2008, the car maker had sold 2,908 units.

This is despite the fact that the German carmaker saw its sales falling to 169 units in May from 218 units in the same month last year. At present, BMW manufactures the 3 and 5 series at its Chennai facility, which account for more than 80 per cent of its sales in India. The X3, X5, and 7 series are imported as completely built units. “We are happy to have grown faster than industry,” BMW India president

Peter Kronschnabl told Financial Chronicle. The Indian luxury car mart, which sold 7,400 cars last year, is growing under 2 per cent in 2009, while BMW has registered a near 10 per cent growth.

This is not to say that BMW had a cakewalk. “The sentiments till the general elections were not very positive. Customers were looking for better value even in the luxury segment. The second half is likely to be better as economic conditions begin to improve slowly,” said Kronschnabl.

With the rising demand for BMW vehicles in India, the company would soon be launching its two-seater Roadster Z4 sports car in the country. The Roadster Z4 with a folding hard-top can run up to 250 kilometres per hour. It will be launched in the price band of Rs 50-60 lakh.

The company would also be adding 10 dealers in tier-II cities such as Coimbatore, Jaipur, Lucknow and Ludhiana soon. Kronschnabl said BMW India will also double its presence in Delhi, its biggest market, by adding two showrooms in Gurgaon and West Delhi, to take the total number of dealers to 24 by the end of the year.

The company has also roped in HDFC Bank — the largest private player in the auto loan market — as a preferred financier. It already has a tie-up with ICICI Bank for car finance. “We are lining up some innovations in financing, which will revealed soon,” Kronschnabl added.