Volkswagen AG’s Bugatti introduced the Veyron 16.4 Grand Sport car in India, undeterred by a 110 percent import tax that helps raise the retail price to about 160 million rupees ($3.6 million).
The company will deliver the supercars, which are able to reach speeds of 407 kph (253 mph), six to eight months after receiving orders, Guy Caquelin, Bugatti’s marketing manager for the Middle East, Europe and India told reporters in New Delhi today. He didn’t give a sales forecast.
Bugatti follows Rolls-Royce Motor Cars Ltd. and Tata Motors Ltd.’s Jaguar Land Rover in beginning sales in India as growth boosts the number of millionaires in Asia’s third-biggest economy. The Indian market for luxury products including watches, clothes and cars may triple to $14.7 billion by 2015, A.T. Kearney Ltd. and the Confederation of Indian Industry said in a report this month.
“People have more spending power and are getting more aware of owning beautiful things,” said Satya Bagla, head of Exclusive Motors Pvt., the dealer for Bugatti, Lamborghini and Bentley. “They are more ready to show their wealth.”
Ferrari SpA, the maker of the $228,000 California supercar, plans to start selling in India next year, Chairman Luca Cordero di Montezemolo said on Sept. 30.
The convertible Veyron 16.4 Grand Sport features carbon-fiber body parts, backstitched leather seats and a reversing camera integrated into the rear-view mirror.
The combined net worth of India’s 100 wealthiest people climbed to a record $300 billion this year, equivalent to a quarter of India’s gross domestic product, according to Forbes. India’s wealthy may almost double their assets to $6.4 trillion over the next five years as economic growth swells their ranks, Credit Suisse Group AG said in its global wealth report released Oct. 8.
Tata has re-opened sales of the Nano, the world’s cheapest car, this year after halting orders following an initial surge in demand. The vehicle costs from 131,331 rupees.
The World Bank estimates 76 percent of India’s population survives on less than $2 a day.