Mercedes-Benz India, the top luxury-car company in the country, on Friday said it expects sales uptick in 2020 and added that market instability impacted auto sector.
In an interview to CNBC-TV18's Alisha Sachdev, Martin Schwenk, managing director and chief executive officer, said, "We have seen an approximately 20 percent reduction in the overall luxury segment. Overall, quite a stress on the luxury segment as well. However, government policies and our own measures are already bearing some fruits. While in August, we have seen a slight recovery, in September we had around 25 percent higher inquiries and we have definitely had better sales than in August."
He further added, "We will start a lot of product initiatives in the next couple of months. So, I feel a strong growth path from next year onwards, I am very confident about that."