MG Motor India plots mass-market EV in FY2023

In an effort to rev up its play in India’s electric vehicle market, MG Motor India has announced plans to launch an EV priced between Rs 10-15 lakh by the end of the next fiscal (FY2023). MG’s new EV for India – a crossover – will be based on a global platform for customised for the Indian market.

MG Motor India President and MD Rajeev Chaba Said, "We have been thinking about an EV and now we have been very encouraged with the absolute clarity from the government side that EV is the way to go."  

He added, "We have taken the decision that we are going to introduce an EV by the end of next financial year. It will range from Rs 10 lakh to Rs 15 lakh and will target the mass segment of personal electric mobility. It is a kind of a crossover and based on a global platform, which we are going to develop. This will be an EV for the mass market and for all the emerging markets including India. We will customise this car for the range and the Indian regulations and customer taste. It will be specially tailored for India. We will start working on it right now.”

Commenting on the pricing strategy, Chaba said, "This is the kind of tipping point that we have been talking about – if we are able to do a car between Rs 10 lakh and Rs 15 lakh, that can give us good volumes. So hopefully, this would be our volume EV car." 

Chaba further said in order to meet the government's guidelines for the production linked (PLI) scheme for the auto sector, MG Motor India will localise a lot of parts for its next EV. These would include battery assembly, motors and localisation of other parts, he added. 

The company currently sells the electric SUV ZS EV in India, Launched in February 2020, the ZS EV has sold a total of 3,687 units till end-October. It is available in two variants priced at Rs 21 lakh and Rs 24.68 lakh (ex-showroom).

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