BMW India, the Indian arm of the German automobile manufacturer BMW has announced the launch of Mini Financial Services, a separate entity under BMW Financial Services in India in order to cater to the customers of its newly introduced Mini brand of premium cars.
Commenting on the proposal for the additional tax on diesel vehicles, the company has voiced its concerns that such a tax will further lower the consumer sentiments in the existing sluggish auto market in India. According to Mr. Andreas Schaaf President BWM Group India, Indian auto industry is operating in a ‘fragile economic environment’ which is being adversely affected by changes in the market such as hike in excise duty, hike in petrol price and higher import costs.
The company expects a growth of 20 percent in sales in 2012-13 in comparison to 45 percent growth in 2011-12. The moderation in the sales is expected due to additional burden on the customers as a result of higher excise duties and fuel prices. In the first half of 2011, the company grew by 90 percent in terms of sales in comparison to 10 percent in the year 2012.