MG Motor to increase price of Hector and other models from this date
MG Motor will increase the prices of its vehicles from New Year. The carmaker with British-origin, which recently saw Indian conglomerate JSW take over 35 per cent stake from its Chinese owner SAIC, will increase the prices of all its models from January next year. The models which will be affected by the upcoming price rise are Hector, Hector Plus, Astor, Gloster SUVs besides two of its electric vehicles Comet EV and ZS EV. The carmaker had increased the prices of two of its flagship SUVs Hector and Gloster as recently as August this year.
MG Motor said that the latest price hike became necessary due to rising production costs. The carmaker issued a statement today which reads, “This hike is owing to the rising costs attributed to overall inflation and increased commodity prices."MG Motor has not shared details on how big the price hike will be. However, the carmaker has announced that it will roll out special year-end offers for its customers to evade paying more for its models from January.
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MG Motor becomes the fifth major carmaker in India to announce price hike. Earlier, carmakers like Maruti Suzuki, Tata Motors, Mahindra and Mahindra and Honda Cars had said they will increase the prices of their models from January. Hyundai Motor, India's second largest car manufacaturer, is also planning to increase prices of its models soon.
The latest price hike comes three months after MG Motor increased the cost of Hector and Gloster SUVs. It was the second price increase on the two SUVs within three months this year. In the last price hike, the SUVs became costlier by up to ₹78,000 depending on the model and variant. The hike is higher than the one MG Motor implemented back in May this year across all its models.
The Hector SUV, which received a major update earlier this year, will see its third price hike within a year. The Hector SUV comes at a starting price of ₹15 lakh (ex-showroom). Available in both petrol and diesel powertrains, the price of the Hector SUV goes up to ₹22 lakh (ex-showroom) for the top-end version.
Also watch: MG Comet EV real world test
MG Motor is one of the few carmakers in India to offer more than one electric vehicle in its portfolio. With the help of Comet EV and ZS EV, MG Motor's electric vehicles contributed around 30 per cent of its overall sales of 4,154 units in November this year. MG Comet is currently the most affordable electric car one can buy in India with a starting price of ₹7.98 lakh (ex-showroom). However, it remains to be seen if it manages to remain more affordable than the Tata Tiago EV after the price hike in January.
Last week, JSW Group announced that it has acquired a 35 per cent stake in MG Motor India as part of a strategic joint venture with SAIC. MG Motor India’s expansion plans delayed amidst the ongoing Indo-China conflict, which has restricted fresh investments from Chinese players. The move allows MG Motor India to continue with its expansion strategy with a second plant said to be in the works. The value of the acquisition though remains undisclosed.