German luxury carmaker BMW on Thursday launched updated version of 5-Series in India that is priced between Rs 46.90 lakh and Rs 57.90 lakh (ex-showroom Delhi).
The new BMW 5 Series, which is produced at the company’s Chennai plant, will be available in four diesel variants.
“The BMW 5 Series is one of the core models in our product portfolio in India. With the launch of this model update, we will continue with the amazing success of the best-selling sixth generation of the BMW 5 Series,” BMW Group India President Philipp von Sahr told reporters in Gurgaon.
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The company has sold over a million units of 5 Series globally since its launch 3.5 years ago, Sahr added.
Commenting on the slowdown in the Indian automobile industry, Mr. Sahr said the low consumer sentiment currently prevailing the country has also affected BMW sales.
“During the course of the current year, lack of consumer confidence has led to a lack of customer interest in buying new vehicles. BMW also felt strong pressure from the start of this year,” Mr. Sahr said.
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He, however, ruled out giving discounts to customers to spur sales growth in the country.
Currently, BMW sells a range of vehicles in India including sedans 3, 5, 6 and 7 Series, along with SUVs X1, X3, X5 and sports car M Series.
Last month it had forayed into the luxury compact segment in the country with the launch of BMW 1 series.
BMW assembles seven models including the 1, 3, 5 and 7 Series and X1 models locally at its Chennai facility.
It had last month announced over two-fold increase on the manufacturing plant to Rs 390 crore by the end of this year from Rs 180 crore announced earlier.
The company has also ramped up the production capacity at its plant to 14,000 units per annum from 11,000 units.