MG Motor India recently revealed that it is going to hike the prices of all models across its portfolio. Along with two of its EV offerings, the Comet EV and the ZS EV, other models that will be impacted by the price hike include the Hector, the Hector Plus, the Astor, and the Gloster. It is important to note that the price increase is set to take effect in January 2024. The carmaker cites growing expenses brought on by overall inflation and higher commodity prices as the reasons for the hike. It stated, "This hike is owing to the rising costs attributed to overall inflation and increased commodity prices". But as of now, precise information regarding the extent of the price rise is not known.
With this, the manufacturer became the fifth auto major in India to implement a price hike. Before this, brands including Tata Motors, Maruti Suzuki, Honda Cars, Hyundai, and Mahindra & Mahindra had confirmed that their models would see price increases starting in January. The company also disclosed that, by the end of this month, it will be announcing several year-end discount offers as a preventive step to lessen the impact of the hike. The Comet EV is the most economical model offered by the maker, with the Gloster serving as their flagship vehicle. The price range of the firm's products varies between Rs 7.98 lakh to Rs 43.87 lakh (both figures, ex-showroom).
MG Motor India November Sales
MG Motor India just revealed their monthly sales figures for November 2023, with 4,154 vehicles sold. Sales have declined by 18 per cent month-over-month (MoM) compared to October of last year when the company delivered 5,108 units. Furthermore, the numbers are up only 1.8 per cent year-over-year (YoY) when compared to the same period in 2022 when they were at 4,079 units.
Electric vehicles in the carmaker's India portfolio accounted for 30 per cent of total sales. As a result, the firm remains an important contributor to the industry. Month-over-month (MoM) sales of the manufacturer's EVs have increased by 5 per cent. MG also reduced the price of its electric SUV, the ZS EV, in the country by up to Rs 2.30 lakh last month.
SAIC Motor Collaborates with JSW Group
SAIC Motor and the JSW Group have formed a strategic joint venture to help MG Motor's development and expansion in the Indian market. Parth Jindal of JSW Group and Wang Xiaoqiu, President of SAIC signed the Shareholder Agreement and Share Purchase & Share Subscription agreement at the MG Office in London. This partnership aspires to bring together resources in automobiles and new technologies through initiatives such as enhancing local sourcing, updating charging infrastructure, increasing production capacity, and offering a wider choice of models targeted toward green mobility. The Chinese automaker has previously stated that it aimed to reduce its stake in its Indian arm to allow domestic firms to obtain a majority stake.
According to the signed agreement, JSW Group would own a 35% share in the Indian JV operations. SAIC Motor will continue to help the joint venture with cutting-edge technology and products to deliver mobility solutions with a focus on Indian consumers. In addition, SAIC Motor's technological know-how and automotive industry experience will be highlighted by the joint venture to emphasise MG's four spiritual pillars: digitalisation, globalisation, rejuvenation, and young attitude. Further, it will leverage the JSW Group's broad reach throughout the B2B and B2C sectors of the Indian economy to enhance local sourcing and establish a dependable supply chain.
Wang Xiaoqiu, President, of SAIC Motor said, "The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the 'win-win cooperation' approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India."