MG Motor India to hike prices across all car models from January

MG Motor India has officially declared a forthcoming increase in prices across all its models, effective 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.

“The company's unwavering focus on enhancing customer experiences remains intact, with a steadfast commitment to creating optimal opportunities for customers to engage with the brand,” the statement read.

To mitigate the impact of the price hike, MG Motor has also introduced a series of special year-end offers, allowing prospective buyers an opportunity to avail themselves of favorable terms before the anticipated increase.

This announcement follows a similar move made by MG Motor in October, where prices for the Hector SUV were raised by 2-2.5 per cent across all variants. Notably, this hike did not involve any cosmetic or mechanical alterations. The impending price adjustment in January 2024 marks the fourth increase for the Hector in the current year.

In aligning with industry trends, MG Motor joins a cohort of major car manufacturers in India, including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, and Honda Cars, who have all communicated plans to raise prices from January 2024. Hyundai Motor, the country's second-largest car manufacturer, is also reportedly contemplating a price increase for its models.

MG Motor, recognised for its diverse lineup that includes electric vehicles (EVs), has gained attention in the electric car segment. In November 2023, approximately 30 per cent of MG Motor's total sales, amounting to 4,154 units, were attributed to electric car sales, encompassing models like the Comet EV and ZS EV. Priced competitively with a starting point of Rs 7.98 lakh (ex-showroom), the MG Comet stands as one of the most affordably priced electric vehicles in India. As prices across the automotive sector are 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 disclosed last week that it has acquired a 35 per cent 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.

Also Read: JSW Group-MG Motor India deal: A new plant, local sourcing now on cards