Aston Martin expects India-UK FTA to reduce import duties on cars

A successful free trade agreement (FTA) would help reduction in import duties that would facilitate the market for products like super luxury cars in India, a top official at Aston Martin has said.

“Very recently in Australia and New Zealand, the same thing (FTA) came into effect. It is really helping to reduce the burden on our clients. But, let’s see if that works out...we will be happy if that happens,” Gregory Adams, Regional President - Asia, Aston Martin, told businessline.

Asked about the high import duty structures for imported cars in India, Adams said: “It’s always nice to see free access to cars or items that people would like...that’s just freedom of travel of goods. As a consumer, you’d like to buy what you want. But, frankly speaking, India’s not the only country... there are other countries with an even steeper duty structure or more complex duty structure.”

Therefore, he said the company will work with the local requirements to make sure that the cars get to the customers.

FTA with UK

India and the UK are working on the proposed FTA, which is in the final stages, and is expected to conclude the deal by the year-end.

Aston Martin is officially in India since 2011 and has been working to develop the market. “We have high aspirations for what’s going to be happening in India. To be frank, it’s been a little slower than other countries in Asia. But, that’s the past. I think everybody recognises that the growth rate in terms of the country, but also in terms of the high networth individuals is now going to shoot up in India,” Adams said.

New launches

From 10-15 cars a year in the market right now, the company hopes to sell more cars in India. The maker of “James Bond” cars said their customers are young professionals in their mid-40s.

“We wish to obviously grow over the next few years. Besides the current crop of vehicles, we will be adding electric vehicles (EVs), mid-engine SUVs and GT sports cars in our portfolio,” he added.

Earlier this week, the company launched a new car DB12 in India. The starting price of the Aston Martin DB 12, the world’s first Super Tourer is ₹4.59 crore, excluding customisation options.

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