German luxury carmaker Audi plans to increase investments in India as it plans to gain market share in the fast-growing luxury car market. Audi plans to make fresh investments in India to generate higher volumes. The Volkswagen group company had set aside Rs 192 crore to invest in Indian market.
Audi India Head Michael Perschke said: “We have used most of the original investment and are under process to plan fresh investments based on our need to expand the models line-up and localize production. We have not decided the quantum yet as we are finalising long-term plans to put up fresh production lines and roll out new cars in India.” It will double the annual production capacity to 6,000 cars from September by operating on a double shift and plan to generate 600 jobs in the country by 2012.
The company plans to roll out new models like small sedan A3 and its compact SUV Q3 to generate volumes in the luxury market and also compete with its global archrival BMW’s similar sized SUV X1. Audi aims to sell over 5,000 units in 2011, up from 3,003 in last year. “Our target is to have 25% of the Indian luxury car market by 2015 and we are on track,” Perschke said. Audi has sold 3,145 units in the Jan-July period, up 93% from the 1,626 vehicles sold in the same period last year.
The luxury car market has almost doubled to over 15,000 units in the 2011 fiscal. The company, which launched the seventh generation of its A6 sedan in the price band of . 37.7-. 47 lakh (exshowroom , Delhi), start operations for its used car business in India by the end of this year.