German luxury automobile Daimler AG has launched its Financial Services unit in India. The Daimler Financial Service is a 100% owned subsidiary of Daimler AG and is headquartered in Chennai.
The Daimler Financial Services is formed with an initial investment of US $50 million. The investment is expected to be increased to US $500 million in the next five years. The company offers Finance and insurance offers to its customers and dealers.
The company plans to launch a financial service to BharatBenz in 2012. BharatBenz is a subsidiary of Daimler AG aimed at commercial vehicles in India.
Official Press release:
Daimler AG today announced the official launch of its Financial Services unit in India. Headquartered in Chennai, Daimler Financial Services India is a 100% subsidiary of Daimler AG.
“Two out of five Mercedes-Benz cars and every fourth commercial vehicle of the Daimler group worldwide is financed or leased by Daimler Financial Services. We intend to replicate this success story in India as soon as possible”, commented Mr. Klaus Entenmann, Chairman of the Board of Management of Daimler Financial Services AG. “Daimler Financial Services aims to reach a contract volume of USD 500 million in India in five years”, he added.
Daimler Financial Services operates in 40 countries worldwide. With a contract volume of Euro 63.7 billion at the end of 2010, it is one of the world’s largest automotive financial services providers for passenger cars and the world’s largest provider of financing for trucks, buses and vans. Furthermore it provides automotive insurance solutions with a contract portfolio of more than 1.8 million contracts. The new subsidiary in India is registered as Daimler Financial Services India Pvt Ltd. The company offers comprehensive finance, leasing and insurance products to customers and dealers of Mercedes-Benz cars in India under the brand ‘Mercedes-Benz Financial’ with immediate effect.
“In 2010, we sold more than 5.800 units in India, nearly double of our previous year’s sales figure. The luxury car market in India and Mercedes-Benz India in particular is on a dynamic growth path. With 75% of Indian car customers opting for vehicle finance, our financial services solutions and innovative products will be a catalyst in the purchase process. It is here that Mercedes-Benz Financial with seamless integration across all our dealerships will play a pivotal role”, says Mr. Peter Honegg, Managing Director & CEO of Mercedes-Benz India.
By 2012, Daimler’s truck brand BharatBenz is expected to be operational. Daimler Financial Services will then also support sales with financial services for BharatBenz. Daimler Financial Services has announced an initial investment of USD 50 million as part of its market entry and has put in place an electronic point-of-sales system to deliver speedy loan approval decisions and contract processing across all Mercedes-Benz dealerships. With 50 experienced industry professionals already on board and more to join soon, Daimler Financial Services India has set out for itself an ambitious growth path and a robust business outlook. Right from the beginning Daimler Financial Services India will offer a motor insurance product that was developed together with the strategic partner Bajaj Allianz.
Mr. Sidhartha Nair, Managing Director of Daimler Financial Services India, elaborated further: “We want to be the first choice provider of financial services products for our dealers and customers in India in the near term. Our one-stop solution for customers who buy a vehicle and demand finance and insurance in a quick and efficient manner will differentiate us from others.”
We came across the rear picture of the soon to be launched Tata Safari Merlin without camouflage. The picture of the Merlin below shows you the mod job on the rear with a new set of tail lamps, rear bumpers and the tail gate. You can see a chrome strip running almost on the middle of the tail gate. Aslo seen are twin chrome exhausts.
Just by seeing the tailgate we get a feeling that Tatas have taken lot of design cues from Land Rover. The flat back almost squarish proportions remind us of the LR Discovery 3. The door handles now get chrome and the most important features is the absence of spare tyre on the tail gate. Since we have seen the vehicle without camouflage, the launch of Safari Merilin is around the corner.
Maruti Suzuki stopped production of the old swift last week and announced the launch of the new Swift in the month of August. Even the customers who have booked the old Swift were given option to change to the new Swift with a privilege that is, if they opt for the new Swift, they will be considered first among the new buyers, something like jumping in the que.
Maruti has come up with a teaser site, which in fact is the original site of the Maruti Swift which now displays the new Swift in the background with a tag – Hold your breath little longer, coming soon the new Swift.
The website also has a drag drop slider showing the exterior and interior of the new Swift. The slider gives you 20 seconds to form the exterior and the interior of the new Swift.
The website also has a link which leads to the page describing the evolution of the car. Here is the link to evolution of the Swift.
A week before the launch of the diesel Beat, the website of the car has already come alive. Visit the diesel Beat website Here. Chevrolet will launch the diesel Beat on 25th of July 2011. In our earlier post we had showed you the leaked brochure of diesel Beat will the all the specifications and features.
The next generation Honda CR-V which is expected to be launched in 2012 is the hot topic among automobile discussions. We managed to get the spy pictures of the 2012 Honda CR-V from MotorAuthority website. Though the vehicle has been camouflaged heavily, the rear tail light suggest that it is indeed the 2012 Honda CR-V. In our earlier post we had posted the spy pictures of the CR-V and also the teaser website of Honda USA which said 2012 Honda CR-V is coming soon. Have a look at the spy pictures.... and say what you think.
Maruti will launch the new Swift next month in India and we have you the new Swift completely distinguished. The red new Swift in the video tells you all you need to know about it.
As it is designed, the new Swift looks to be bigger in dimension as compared to the older one. The change in the headlamps and tail lamps is clearly seen which are now become sharper. The rear seat room also looks to be more which was lacking in the current swift.
Have a look at the video...
World’s number one automobile manufacturer Toyota plans to make Eitos in Brazil by 2012. The Etios was tailor made car for India and emerging markets like Brazil.
Toyota said it will be setting up a plant in Brazil to make Etios small car with a capacity of 70,000 units per annum. Over 4000 engineers from Toyota spent 5 years to develop Etios.
Toyota received overwhelming response by its customers in India for Etios sedan. With the launch of Etios hatchback, Toyota is aiming to dominate the Indian market as well.
