MG Motor will Surge Price of Hector and Other Models

MG Motor has decided to surge prices for its flagship models due to growing production costs. It has not revealed any details on how big the price surge will be.

Published On: 04/12/23
Views
0 Comments
0 Likes
3 min read

News Highlights

MG Motor updated the Hector SUV earlier this year, and it is available at an initial price of INR 15 lakh (ex-showroom).
The company will increase the prices of several models, including the Hector Plus, Gloster, Hector SUVs, ZS EV, and Comet EV.

MG Motor is going to surge the prices of its models in January 2024. The company will increase the prices of several models, including the Hector Plus, Gloster, Hector SUVs, ZS EV, and Comet EV. MG Motor had already increased the prices of Hector and Gloster SUVs in August this year. The company decided to surge prices for its flagship models due to growing production costs. It issued a statement today that reads, “This hike is owing to the rising costs attributed to overall inflation and increased commodity prices.”

MG Motor India has not revealed any details on how big the price surge will be. The automaker has shared that for its buyers, it will announce special offers at the end of this year to avoid spending more money on its models in January 2024.

The latest price surge comes three months after the company increased the price of Gloster and Hector SUVs. Within the period of three months, the company has raised the prices of its SUVs twice. In August, the SUVs became more expensive by up to INR 8,000. This price surge is higher than the one the automaker implemented in May 2023 across all its variants.

MG Motor updated the Hector SUV earlier this year, and it is available at an initial price of INR 15 lakh (ex-showroom), and for the top-end variant, it goes up to INR 22 lakh (ex-showroom). The SUV comes in both diesel and petrol powertrains. The British automaker is one of the few carmakers in the country to offer more than one EV in its line-up. In November 2023, the MG ZS and Comet EVs contributed 30 percent of MG Motor’s overall sales of 4,154 units. The MG Comet is one of the most budget-friendly EVs available in India, and it comes in at a starting price of INR 7.98 lakh (ex-showroom). JSW Group announced last week that, as part of its strategic joint venture with SAIC, it has gained a 35 percent stake in MG Motor India.