The car maker, which till now had invested Rs 530 crore in the BMW Financial Services in India, has now enhanced it to Rs 640 crore.
German luxury car maker BMW has invested an additional Rs 110 crore in its financial services arm in India, reinforcing its long-term commitment to the country.
The car maker, which till now had invested Rs 530 crore in the BMW Financial Services in India, has now enhanced it to Rs 640 crore.
Besides, the company today launched an updated version of its M6 Gran Coupe, priced at Rs 1.17 crore (ex-showroom) which along with other M branded cars would now be exclusively sold through 'BMW M Studio'. The company opened first of such stores here today.
"BMW Financial Services India has successfully established itself as the leading provider of customised financing solutions and the new investment will help us in further enhancing our portfolio," Stefan David Schlipf, Managing Director of the unit told PTI.
The investment reinforces BMW Group's long term commitment to India which is an important market for the automaker, he added.
The unit had started functioning in the country in 2010 and now every second car sold by the company in India is financed by the financial services arm, Schlipf said.
The entity operates with three business verticals - retail finance, commercial finance and insurance solutions (through cooperation partners).
It offers solutions for retail automobile financing for BMW customers and multi make customers, financing for fleet owners and commercial financing for BMW dealerships and multi make dealerships.
Commenting on the launch of first BMW M Studio in the country, BMW Group India President Philipp von Sahr said the outlets would cater to the needs of high end M brand customers in the country.
"For generations M cars have proven their metal in the world of performance. The BMW M Studio is designed to cater to the needs of a niche clientele," he added.
The company aims to have seven such stores in India by 2016-end, von Sahr said adding that outlets would be opened at Delhi, Bengaluru, Chennai, Pune, Ahmedabad, and Hyderabad.
The current BMW M range in India includes the M3 sedan, M4 Coupe, M5 sedan and the M6 Gran Coupe.
The company plans to launch all new X5M and X6M models in the country in October.
BMW sells more than a dozen models in India out of which eight are assembled locally at its Chennai plant, which has an installed capacity of 14,000 units per year at a three -shift schedule.
BMW India began operations in March 2007 and has since then invested Rs 490 crore.
The company used to be the market leader in the luxe car space for many years in the country before its compatriot Audi stormed the market in 2008 and unseated it to No 3 position.
Mercedes has toppled Audi in the first quarter of 2015 to be the No 1 with a massive 40% rise in sales.
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