Latest news with #Iyer
Time of India
11 hours ago
- Automotive
- Time of India
SPMEPCI scheme to attract new global EV players to India: Mercedes-Benz India
The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will serve as a major catalyst for new foreign automakers to enter the Indian EV market, said Santosh Iyer, CEO and Managing Director of Mercedes-Benz India , on Friday. Speaking to PTI after unveiling two high-performance sportscars — the AMG GT 63 4MATIC+ and the AMG GT 63 PRO 4MATIC+ Coupe — Iyer welcomed the scheme, calling it a 'forward-looking initiative' by the Ministry of Heavy Industries . The two cars are priced at ₹3 crore and ₹3.65 crore (ex-showroom, India), respectively. 'The scheme is primarily designed for new entrants. We've been in India for three decades and have already invested ₹3,000 crore in our Chakan plant near Pune. We're producing two EVs locally even before the scheme was announced,' Iyer told PTI. 'For us, it's business as usual, but SPMEPCI will encourage new players to enter and invest in India's EV journey.' Under the SPMEPCI scheme , automakers committing ₹4,150 crore in local manufacturing will be allowed to import up to 8,000 electric vehicles at a concessional 15% import duty, significantly lower than the existing 70–100per cent. Supply chain challenges Addressing concerns around supply chain challenges and rare earth magnets, Iyer reassured that Mercedes-Benz has faced no disruptions in India so far, crediting its global backend teams for effective management. On the launch of the new AMG models, Iyer said these performance-oriented vehicles reaffirm the brand's commitment to Indian enthusiasts. 'The AMG GT range is a symbol of engineering precision, raw performance, and emotional connect. Indian customers have shown immense appreciation for AMG's high-performance legacy,' he added.
Time of India
a day ago
- Automotive
- Time of India
Rupee slide fuels Mercedes-Benz price hike
Mercedes-Benz India faced a 13% increase in cost over the past year as the rupee continued to weaken against the euro, inflating the cost of imported parts. The Indian arm of the German luxury carmaker, which imports about 70% of its components, responded with calibrated price hikes, Santosh Iyer , managing director, Mercedes-Benz India told ET. Still, the automaker is noting a trend among Indian customers to splurge, not just on base luxury car models, but on bespoke customisations that often add ₹60 lakh to ₹1.5 crore to a car's price tag. Mercedes-Benz India raised car prices twice this year—one in January and another in June—with a third planned for September, said Iyer. The rupee breached the psychologically significant ₹100 mark against the euro only earlier this week. 'We've only passed on about 3% to the market but the rupee depreciation has raised our costs by nearly 13%. The gap is getting harder to absorb,' he said. Indian luxury car buyers are however undeterred by the elevated price tags. More than 70% of the company's top-end vehicles (TEV), priced above Rs1.5 crore, are being customised through its 'Manufaktur' programme, among the highest globally for Mercedes-Benz. Manufaktur is the cross-brand personalisation range for exclusive exterior equipment and high-quality interior equipment. Mercedes buyers in India are opting for hand-picked wood trims, exotic leather options, and bespoke paintwork, often pushing the price of already top-end vehicles like the AMG GT 63 or Maybach S-Class significantly higher. On Friday, the company unveiled two new sports cars from its 'GT Family'—the Mercedes-AMG GT 63 4MATIC with a dealership price of Rs3 crore, and the track-focused Mercedes-AMG GT 63 PR at Rs3.65 crore. "Customisation is not just about indulgence anymore; it's about value perception,' said Iyer. 'Customers see Nappa leather or special trim as worth the premium — even with the currency hit.' The surge in personalised luxury comes even as Mercedes-Benz continues to localise high-volume models—from the A-Class to the Maybach S580—to buffer some of the forex impact. The recently-launched E-Class sedan, for instance, features fully-localised glazing components for the first time, said Iyer. Still, high-value items like powertrains, infotainment systems, and electronics remain heavily Euro-dependent, making price hikes almost inevitable if the rupee remains at current levels. Despite the higher prices, sales of TEV models grew at an estimated 10-12% on-year in the first five months of 2025. This was boosted by a mix of thriving capital markets, resilient consumer sentiment, and lower borrowing costs passed on through the automaker's captive non-bank lending company. Recent reduction in interest rates by the Reserve Bank of India helped the NBFC to further cut the cost of borrowing, which it passed on to buyers. 'We are trying to mitigate that (higher prices of cars) with these special EMIs," said Iyer.
Time of India
a day ago
- Automotive
- Time of India
SPMEPCI scheme to attract foreign players to invest, bring EV portfolio to India: Mercedes-Benz India CEO
Mumbai: The Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) will attract newer foreign players to invest and bring their EV portfolio to the country, Mercedes-Benz India CEO and Managing Director Santosh Iyer said on Friday. Speaking to PTI after unveiling two new sportscar models -- the all AMG GT 63 4MATIC+ and GT 63 PRO 4MATIC+ Coupe -- Iyer also said while demand momentum continues, 2025 is likely to be a year with marginal growth. The two car models are priced at Rs 3 crore and 3.65 crore (both ex-showroom All India), respectively, the company said. "I think it's a great scheme and a great initiative by the Ministry for Heavy Industries (MHI) to really come up with such a forward-looking scheme. But this scheme is primarily for new entrants who have not come into India," Iyer said. Under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), automakers will be permitted to import up to 8,000 EVs at a reduced duty rate of 15 per cent compared to the current 70-100 per cent, provided they commit to investing Rs 4,150 crore in local EV manufacturing . Live Events "We have been in India for the last 30 years. We have already invested Rs 3,000 crore in the (Chakan near Pune) plant. And today, we are already producing two car models locally at this plant (much before the announcement of the scheme). So, I think, for us, it's business as usual. "But I think this scheme will surely attract newer players, who are not yet in India, to invest and come with their electric cars," Iyer said. On issues concerning rare earth magnets, he said in today's time, disruptions happen due to geopolitical issues or supply chain issues, but the company's colleagues involved in the backend are able to manage it quite well. "As of now, we have no disruption in India because of any of these issues," Iyer asserted. He said that the launch of AMG GT 63 4MATIC+ and the track-oriented GT 63 PRO 4MATIC+ represents Mercedes-Benz's strong commitment to India's growing community of performance motoring enthusiasts . These vehicles embody the pure essence of AMG with uncompromising performance, precision engineering, and an emotional connect that only a hand-built AMG engine can deliver, he said. "Indian customers have shown tremendous appreciation for Mercedes-AMG's high-performance vehicles, and the AMG GT range caters to this passion with technology and uncompromising performance, representing the pinnacle of automotive engineering," Iyer stated. PTI
Time of India
a day ago
- Automotive
- Time of India
Rupee slide fuels Mercedes-Benz price hike
Mercedes-Benz India faced a 13% increase in cost over the past year as the rupee continued to weaken against the euro, inflating the cost of imported parts. The Indian arm of the German luxury carmaker, which imports about 70% of its components, responded with calibrated price hikes, Santosh Iyer, managing director, Mercedes-Benz India told ET. Still, the automaker is noting a trend among Indian customers to splurge, not just on base luxury car models, but on bespoke customisations that often add ₹60 lakh to ₹1.5 crore to a car's price tag. Mercedes-Benz India raised car prices twice this year—one in January and another in June—with a third planned for September, said Iyer. The rupee breached the psychologically significant ₹100 mark against the euro only earlier this week. 'We've only passed on about 3% to the market but the rupee depreciation has raised our costs by nearly 13%. The gap is getting harder to absorb,' he said. Indian luxury car buyers are however undeterred by the elevated price tags. More than 70% of the company's top-end vehicles (TEV), priced above Rs1.5 crore, are being customised through its 'Manufaktur' programme, among the highest globally for Mercedes-Benz. Manufaktur is the cross-brand personalisation range for exclusive exterior equipment and high-quality interior equipment. Mercedes buyers in India are opting for hand-picked wood trims, exotic leather options, and bespoke paintwork, often pushing the price of already top-end vehicles like the AMG GT 63 or Maybach S-Class significantly higher. On Friday, the company unveiled two new sports cars from its 'GT Family'—the Mercedes-AMG GT 63 4MATIC with a dealership price of Rs3 crore, and the track-focused Mercedes-AMG GT 63 PR at Rs3.65 crore. "Customisation is not just about indulgence anymore; it's about value perception,' said Iyer. 'Customers see Nappa leather or special trim as worth the premium — even with the currency hit.' The surge in personalised luxury comes even as Mercedes-Benz continues to localise high-volume models—from the A-Class to the Maybach S580—to buffer some of the forex impact. The recently-launched E-Class sedan, for instance, features fully-localised glazing components for the first time, said Iyer. Still, high-value items like powertrains, infotainment systems, and electronics remain heavily Euro-dependent, making price hikes almost inevitable if the rupee remains at current levels. Despite the higher prices, sales of TEV models grew at an estimated 10-12% on-year in the first five months of 2025. This was boosted by a mix of thriving capital markets, resilient consumer sentiment, and lower borrowing costs passed on through the automaker's captive non-bank lending company. Recent reduction in interest rates by the Reserve Bank of India helped the NBFC to further cut the cost of borrowing, which it passed on to buyers. 'We are trying to mitigate that (higher prices of cars) with these special EMIs," said Iyer.
Pink Villa
a day ago
- Entertainment
- Pink Villa
Shreyas Iyer papped in Mumbai amid buzz over love life—VIDEO
On June 27, 2025, fans were treated to a rare, off-the-field sighting of Shreyas Iyer as he was papped in Mumbai. The stylish cricketer was seen outside a local café, dressed in a laid-back black monogram tee and shorts. In the video, Iyer appeared relaxed, smiling during a casual conversation with someone off-camera. But even a candid coffee shop moment could not escape the public gaze, especially as Iyer's off-field life—both personal and professional—continues to be a subject of intense speculation. Girlfriend or guesswork? The two women linked to Iyer Iyer's love life has become prime gossip fuel, and much of it remains unconfirmed. Two names continue to dominate the chatter—Trisha Kulkarni and Edin Rose. According to India Times, Trisha Kulkarni, a professional in AI and machine learning, has been quietly linked to Iyer since she was spotted at Team India's Diwali celebration and seen alongside his sister at multiple matches. Though she maintains a private profile, her consistent presence at Iyer's key moments has kept the rumors alive. But then came Edin Rose's explosive claim. The Bigg Boss 18 alumna told Filmygyan earlier this month that she's 'already married to Shreyas Iyer in [her] mind' and believes she's the future mother of his children. The Dubai-based actress and influencer's bold confession has set social media ablaze, though Iyer himself has made no public comment on either front. With silence from his end, the mystery only deepens. Cricketing career crossroads: Omitted but not out? While fans gush over his charm, Iyer faces a professional pause. Despite a strong domestic season and a brilliant IPL 2025 performance, he was left out of India's Test squad against England. Chief selector Ajit Agarkar admitted in a press conference that Iyer 'has played well' but wasn't accommodated due to team composition. Iyer ended IPL 2025 with 604 runs. Despite his impressive knock of 97 against the Gujarat Titans and a crucial 87 in Qualifier 2, his performance in the final raised questions about his temperament under pressure. Iyer himself admitted, 'The job is still half done,' vowing to lead Punjab Kings to the title next season.
