Range Rover to launch more limited-edition cars in India
What's the story
Range Rover has announced plans to bring more limited-edition models tailored for the Indian market. The decision comes as part of the company's strategy to cater to India's growing population of high-net-worth individuals (HNWI). Martin Limpert, the global Managing Director of Range Rover, confirmed this development during a recent interaction with PTI.
Strategy
Focus on customer-specific vehicles and collector series
Building on the success of the Ranthambore Edition, Limpert said Range Rover plans to develop more customer-specific vehicles and collector series for India. He stressed on how local context is important for their designs, adding, "Customers appreciated the fact that we are building a context with the Indian market." This is in line with Jaguar Land Rover's plan to create individual growth plans for each of its four brands, serving different audiences.
Growth
Local manufacturing boosts sales
Range Rover has already started local manufacturing of Range Rover and Range Rover Sport in India. Ever since these locally manufactured products were launched, sales have skyrocketed by 2.5 times for both models. Limpert emphasized the growth potential in India, saying there are roughly nine lakh high-net-worth individuals (HNWI) who could grow to 12 lakh by the end of this decade.
Advantage
Tata Group's support and India's economic growth
Limpert also said being a part of the Tata Group will further ease Range Rover's growth in India. He noted the immense growth potential in the Indian market, which has a population of over 1.5 billion people, 65% of whom are under 35. The Indian economy is currently growing at an impressive 6-7%, offering plenty of opportunities for brands like Range Rover to capitalize on this growing wealth and youth.