Electric vehicle (EV) penetration has reached 5 per cent of Mercedes Benz India’s total sales in the first half of 2024.

The company has three EVs in its portfolio — the EQS, the EQB and the EQE. It is adding EQA, a five-seater SUV EV, which will be launched early this month. The EQA is the EV equivalent of GLA Class just as the EQB is the electric equivalent of the GLB Class.

The EQB outsells the GLB, said Mercedes Benz managing director and CEO Santosh Iyer while unveiling the EQA in Jaipur on Tuesday.

“The gap in price points of the EQA and the GLA will not be big. Once customers see that the price difference is not too much, they will automatically want the electric vehicle,” said Iyer. He emphasised on the total cost of ownership where the EV in the long run will offer a much more competitive cost in comparison to ICE vehicles.

“We are also offering the same residual value for EVs as we are for Internal Combustion Engines (ICE) vehicles,” said Iyer. The company is targeting the young corporate employees with its finance package for the EQA.

“We are offering a high residual value of 67 per cent combined with innovative financial solution that will facilitate ease of ownership,” he said.