Luxury carmaker Lexus plans to enter the used car market in India next year. After six years in the Indian market, the Japanese automaker, known for its self-charging hybrid cars, aims to convert some of its sales outlets into pre-owned car dealerships. It also intends to launch its first electric model in India by 2025. Speaking to PTI, Naveen Soni, President of Lexus India, stated that the company is seriously considering the introduction of a structured pre-owned car programme. The programme will first be initiated in select outlets based on the viability of dealer partners. Soni anticipates the company’s entry into the used car segment by the third quarter of this year or the beginning of next year. He mentioned that the company is closely studying the market and will focus on cities with a significant number of existing vehicles. Soni also mentioned that the company is exploring a short buyback scheme to give consumers confidence. In terms of electric vehicles, Lexus has collected valuable information from testing its vehicles in different climatic conditions and receiving customer feedback. Soni expects the company’s first electric vehicle in India by 2025. Lexus, the luxury arm of Toyota, aims to become fully electric by 2035. Soni predicts that 2023 will be a groundbreaking year for the luxury car segment in India, surpassing the previous peak in 2018. He expects the industry to achieve sales between 42,000 and 45,000 units this year, reflecting a recovery from the decrease caused by the Covid-19 pandemic. Lexus has expanded its sales network from four outlets in four cities to 23 outlets across the country, improving its reach in the luxury car market. Soni also mentioned that Lexus is improving its standing in the APAC region and aims to be among the top three luxury car brands in the region. As for local assembly, Soni stated that the main challenge at present is ensuring business sustainability. Currently, Lexus assembles the ES sedan in India.
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