To consolidate its presence in the Indian market, BMW has found a new entity- Financial service- with an investment of $50 million. Binding with the norms prescribed for the Non-Banking Finance Company, the company will operate with a license. The deal will be with retailing automobile financing for its vehicle, fleet owners and commercial financing. For the car sale, the company seeks to achieve double digit growth in 2010, and with a share of 41% in luxury car market(9000 cars in 2009).
The target for this year is 11000 units, said its President for India. The company is understood to have found that the luxury car-Grand Turismo- in India is highly competitive but it could muster 3690 cars. Going by the sale volume, the company sees the growth to attain 20000 mark by 2015. In addition, dealers would also be increased from 12 to 22 by this December. Grand Turismo is a contemporary SUV sporting all of a sedan and is earmarked as an elite product(from the limited version of 100 units). It is available in 3.01 diesel variant at Rs63lakhs.