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MG's New Electric Car Price Range is Rs. 10 to 15 Lakh
MG’s New Electric Car Price Range is Rs. 10 to 15 Lakh
Presently, the focus area for the most carmakers is the SUV segment, the next big battle would be for EV space. Estimates indicate, by the year, 2028, EV sales would witness a CAGR of 53%.
Presently, the focus area for the most carmakers is the SUV segment, the next big battle would be for EV space. Estimates indicate, by the year, 2028, EV sales would witness a CAGR of 53%, And by the year, 2028, the sales are expected to zoom nearing to 1.75 lakh units each year by 2028. A significant percentage of the sales will comprise entry level electric cars such as NExon EV.
Among the auto companies that are planning to take an early lead in this space is MG motor. MG already does offer its ZS EV in India, which is also a 2nd bestselling EV in India, after Tata Nexon EV. ZS EV is a premium electric car, which is available at a start price of nearing to 21 lakh, because of its pricing, which cannot be expected to generate high amount of volumes.
NEW Electric Cars for India.
MG's new Electric car would directly rival NEXon EV, it would be available in the price range of about Rs.10 to 15 lakh, in comparison, the Nexon EV would be available in the range of about Rs14.24 lakh to Rs16.85 lakh. There may be more rivals for MG, as other carmakers such as Hyundai are planning to launch to entry level electric cars in India. In India, Hyundai is planning multiple electric cars in India, one of them would be NExon EV rival. IT would be based on the existing petrol-powered cars such as Venue or i10 Nios.
MG Motor would be encouraged by the fact that, the government has provided significant clarity with regards to EV roadmap in the nation. It motivates the company to aggressively target this specific space. The MG Motor feel that is must be able to launch its new electric car in our nation, by the end of next financial year. The MG's new Electric Vehicle would be based on the global platform. However, it would be customized to meet Indian drive condition, local tastes, regulations as well as preferences.
Focus on localization
In addition to domestic sales, the company MG Motor would be targeting exports of its new EV. It would be primarily catering other emerging markets in Asia. The MG Motor would be looking to utilize the government PLI (Production Linked Incentive), wherein the cash incentives are offered to manufacturers based on the production.
PLI scheme was recently extended to the auto sector, auto components as well as battery manufacturing too. For its new electric car, the MG motor would target high level of localization which covers motor, battery as well other parts. MG's new electric car may be a better match, to the likes of Nexon EV. It is like to have a comprehensive range of features. If competitively priced, it may beat Nexon EV in its numbers game.
Even the premium MG ZS EV has considerable demand in India. There are presently more than 2000 pending orders, primarily due to global shortage of semiconductor chips. Due to this, monthly deliveries are limited to around 250 to 300 units, as the situation tends to improve, the MG company hopes it would increase supply nearing to 500 to 600 units each month starting from February 2022 onwards.
