British luxury carmaker McLaren Automotive launches its first operations in India. Pre-launch, the automaker received 10 models of made-to-order India model purchases already. The brand is looking forward to tapping a handful of uber-rich individuals in a country that has seen a slow and steady phase year-on-year.
Even when the economy is down, there is steady growth in India. Paul Harris, managing director, Asia Pacific, and China, McLaren Automotive, said the brand with a rich Formula One pedigree is encouraged by the increasing number of high net worth individuals (HNI in the country who are fuelling the demand for sports cars, albeit off a small base. “It’s a land of opportunities. The premiumization trend in the country seen across the segments — be it housing or cars — also prompted us to enter this market,” Harris said.
According to IIFL Wealth Hurun India Rich List 2022, there are 1,103 Indians with a net worth of Rs 1,000 crore each — an increase of 62 percent over five years. There are 221 billionaires (Rs 100 crore net worth) in India on the 2022 list — down 16, compared with last year, while 13 people born in the 1990s made it to the list, all self-made. Harris said he was thrilled to officially start operations in India. McLaren will offer the full breadth of its model range to customers and auto enthusiasts in the country.
The carmaker unveiled its new 765LT Spider in Mumbai and will offer models including the Everyday McLaren GT and the hybrid Artura. The range also includes the 720S in the Coupé and Spider variants, as well as the 765LT Coupe and Spider. The starting range of cars showcased is Rs 4 crore (ex-showroom). Depending upon the level of customization the buyer opts for, the markup could be 25 percent or more of the base.
The starting range of cars showcased is Rs 4 crore (ex-showroom). Depending upon the level of customization the buyer opts for, the markup could be 25 percent or more of the base price. McLaren Mumbai, which is the first official McLaren showroom in India, will be represented by Infinity Cars. Lalit Choudary, chairman and managing director of Infinity Cars, said all the brands in the super luxury segment have a long waitlist to own the product. Infinity has already sold 10 models of McLaren’s made-to-order models in India in its pre-launch phase. “People have begun to think that India will have some good years of economic growth. All the brands have had record numbers. The whole segment will be up 60-70 percent year-on-year,” said Choudary.