Lexus, the luxury car brand of Japanese auto giant Toyota, is setting its sights on doubling its sales in India in 2023 as it celebrates six years in the country. The company’s ambitious goal is driven by a strong demand from aspiring buyers, resulting in sustained order bookings.
With its expanding base in India, Lexus is making strategic moves to strengthen its presence. This year, the brand plans to introduce more cars to its lineup, demonstrating its commitment to the Indian market. Additionally, the company is exploring the possibility of assembling more cars within the country, a move that could further enhance its operations.
Naveen Soni, President at Lexus India, expressed confidence in the luxury car market’s rebound and Lexus’ rapid growth. Despite chip shortages, which affected the automotive industry, Lexus achieved an impressive 76 percent growth while other market leaders, including Mercedes, BMW, Audi, Jaguar Land Rover, and Volvo, together grew at approximately 53 percent.
Soni highlighted the positive outlook for India in the Asia region, stating that it is poised to become one of the top three markets. He revealed the brand’s plans to launch the new Lexus RX SUV in June-July, following the recent introduction of the Lexus LC 500 facelift. Moreover, an all-new luxury van called the Lexus LM will join the lineup this year.
To meet the increasing demand and reduce waiting periods, Soni has requested the headquarters to consider assembling popular Lexus models in India. Currently, the Lexus ES 300h sedan is assembled at the Toyota factory near Bangalore. Soni believes that improved chip supplies will enable faster car deliveries, addressing the current waiting periods ranging from three to 18 months.
Anticipating a prosperous year, Soni predicts that the luxury car market in India will surpass the peak achieved in 2018, reaching approximately 42,000 units. In 2022, sales already reached around 38,000 units, indicating a positive growth trajectory.
Lexus remains optimistic about its future in India, capitalizing on the rebounding luxury car market and its strong performance despite challenges. With an expanded model lineup, potential local assembly, and improved chip supplies, the brand aims to solidify its position and cater to the growing demands of Indian luxury car buyers.
