The German luxury auto brand BMW, accounted for its highest growth revenue in India, INR 4, 365.8 crores, in the financial year of 2021-22, according to reports.
With this profit streak, it aims to close this year with robust revenue growth numbers.
To amplify its market share and provide consumers with a touch and feel aspect, BMW India hosted its experiential marketing event 'Joytown' in Delhi this weekend.
Campaign India chatted with Vikram Pawah, president, BMW Group India, at the event about how they achieved these bullish revenue numbers, the relevance of experiential events for its top-tier vehicles, and how they aim to eliminate the challenges of EVs in the country.
According to reports, this year BMW recorded its highest-ever revenue growth. What was the approach you took to bring about this?
As we sit and have this conversation, we have already crossed our best-ever yearly figures, and there are still some weeks until this year ends.
This growth is a culmination of not just one activity. But it's a focused strategy that was implemented over the last couple of years for the Indian market.
These strategies have been developed, keeping two fundamental aspects at the fore: product strategy and customer relevance.
Product strategy has been the driving factor for us. We aim to provide products that are more suitable for India. The BMW 3 Gran Limousine was a classic example and has been a success story since its launch.
The X1 has always been a great seller for us. This is why we are aspiring to update and refresh the X1 during its life cycle, which will in turn give us a lot of traction. Getting into new segments, such as the X7, is also a key factor to enhance our business revenue.
On the other hand, it's about focusing on customers and providing value to them.
Furthermore, our dealers help accelerate this growth by delivering precisely what we planned for, making sure we are consistent and keeping up with the growing market demands.
What's the idea of Joytown? How important are experiential events for the luxury car market?
The event comes from a place of giving back to our customers.
Immersive experiences that have music, wining, dining and adventure activities create an opportunity to have a fun-filled day with the family.
This experiential marketing experience is core to deliver the value of immersiveness our consumers desire.
The EV space is interesting. While we were expecting global growth, we're seeing certain markets banning them completely. What's your view on the same, and is BMW planning to add to its two-car portfolio anytime soon?
In India, the EV sector is growing exponentially for BMW.
For EVs to scale, an auto brand needs to keep a couple of factors in its hood. One is having enough products and variety for consumers to choose from.
Secondly, to facilitate this growth in the EV space, charging stations need to be developed.
For this, BMW, has created a private charging infrastructure with its customers because they have their wallbox (an electric charging station) at home or their office. With this, the consumer isn't restricted to use an EV model and can charge it in their private spaces.
In addition, our dealer networks have fast chargers. So, our customers have access to charging stations anytime they like.
Lastly, what are the roadblocks hindering the growth of the auto space in the Indian market?
The challenge we need to overcome is finding a way to increase the penetration of cars in the Indian market.
According to our population, the Indian car market has been forecasted to reach around INR 3.5 crores. Globally, the car market share is 10 to 15 crores, which is a big gap.
As the income and infrastructure level grows, this will change. For me, this isn't a challenge but an approach towards making sure we are providing the best products by keeping consumer relevance at the heart of it globally and in India.