Due to this coronavirus pandemic, people are canceling their international holidays and they are investing money in buying luxury cars. This remark has been made by a German automobile company BMW which is looking to cash in people spending on luxury cars in India specifically. As per the reports from the sources, the company expects that the sale this year will be lower than in 2019 which has happened in other countries. But the company is expecting a substantial car demand in India as the country is slowly moving towards COVID-19 unlock phase.
Occurrence of rising demand in luxury car section
The countries which have gone through a flattening situation of COVID-19 have made bigger investments in the automobile sector, especially in owning luxury cars. One of the important reasons behind this is that when we are not able to travel too far or go on an international holiday, we can still enjoy our freedom to the fullest. This statement has been made by the President of BMW Group Mr. Vikram Pawah. He also added that especially luxury cars are one of those items which people would love to reward themselves after this pandemic is over.
India is a country that is about to reach the stage of the flattening curve. The BMW President said that he expected that a substantial increase in car demand will arise in India very soon. Moreover, human behavior is similar. Once a person makes up his mind to buy a new car, he thinks of availing the latest technology, latest safety features, the latest emission technology which is available in the market now.
When he was asked about the sustainability of such demand in the market, he said that people are gradually coming back to have personal mobility and they are avoiding shared mobility and thus, it will pent up the demand in the market.
Last week, the BMW Company has launched its BMW 2 Series Gran Coupe model in the Indian market and its introductory price has been set of Rs 39.3 lakh and 41.4 lakh for diesel engines. The company is planning to launch new models in the luxury car market to cope up with the spurring demand of the customers.