Mumbai: MG Motor India has officially announced a forthcoming price increase across all its car models, scheduled to take effect from January 2024. The decision, communicated through a statement on December 4, is attributed to the escalating costs associated with overall inflation and heightened commodity prices.
In the statement, MG Motor emphasized its unwavering commitment to enhancing customer experiences and creating optimal opportunities for customer engagement with the brand.
To alleviate the impact of the impending price hike, MG Motor has introduced a series of special year-end offers. These offers aim to provide prospective buyers with favorable terms before the anticipated increase in January.
This move follows a similar decision made by MG Motor in October, where prices for the Hector SUV were raised by 2-2.5 percent across all variants. Importantly, this price adjustment did not involve any cosmetic or mechanical alterations. The upcoming price increase in January 2024 marks the fourth such adjustment for the Hector in the current year.
In line with industry trends, MG Motor joins other major car manufacturers in India, including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Honda Cars, in announcing plans to raise prices starting January 2024. Hyundai Motor, the country’s second-largest car manufacturer, is also reportedly considering a price increase for its models.
MG Motor, known for its diverse lineup that includes electric vehicles (EVs), has gained attention in the electric car segment. In November 2023, approximately 30 percent of MG Motor’s total sales, totaling 4,154 units, were attributed to electric car sales, including models like the Comet EV and ZS EV. Competitively priced with a starting point of Rs 7.98 lakh (ex-showroom), the MG Comet stands out as one of the most affordably priced electric vehicles in India. With prices across the automotive sector set to rise in January, the competitive positioning of the Comet against models like the Tata Tiago EV will be closely observed.
In a related development, JSW Group revealed last week that it has acquired a 35 percent stake in MG Motor India as part of a strategic joint venture with SAIC. This move underscores the evolving landscape of collaborations within the automotive industry.