MG Motor announces price hike across entire vehicle lineup: Here's why | Mint
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Business News/ Auto News / MG Motor announces price hike across entire vehicle lineup: Here's why
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MG Motor announces price hike across entire vehicle lineup: Here's why

MG Motor is set to raise prices of its entire vehicle lineup due to escalating production costs, starting from the upcoming New Year. The affected models include Hector, Hector Plus, Astor, Gloster SUVs, Comet EV, and ZS EV.

MG Gloster Blackstorm has a panoramic sunroof. (MG Motor)Premium
MG Gloster Blackstorm has a panoramic sunroof. (MG Motor)

MG Motor, a British-origin carmaker that recently witnessed a 35 percent stake acquisition by Indian conglomerate JSW from Chinese owner SAIC, is set to raise the prices of its entire vehicle lineup starting from the upcoming New Year. The affected models include Hector, Hector Plus, Astor, Gloster SUVs, along with two electric vehicles, Comet EV and ZS EV. Notably, the carmaker had previously raised the prices of its flagship SUVs, Hector and Gloster, in August of this year.

MG Motor has justified its latest decision to increase prices, citing the necessity to address escalating production costs. In a statement released today, the carmaker stated, "This hike is owing to the rising costs attributed to overall inflation and increased commodity prices." 

While specific details about the extent of the price hike have not been disclosed, MG Motor has assured customers that it will introduce special year-end offers as a preemptive measure to mitigate the impact of higher prices, which will come into effect from January.

Following the trend, MG Motor has become the fifth prominent car manufacturer in India to declare a price hike. Earlier, Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Honda Cars had also communicated their intentions to raise prices starting January. Hyundai Motor, the country's second-largest car manufacturer, is also in the pipeline to implement price increases for its models in the near future.

The most recent price adjustment comes just three months after MG Motor raised the prices of its Hector and Gloster SUVs. Remarkably, this marks the second price increase for these two SUVs within a three-month span this year. In the previous adjustment, the SUVs experienced a price uptick of up to 78,000, varying according to the model and variant. Notably, this increase surpasses the one implemented by MG Motor in May of this year, which affected all its models.

Moreover, the Hector SUV, having undergone a significant update earlier this year, is slated for its third price increase within a twelve-month period. With a starting ex-showroom price of 15 lakh, the Hector SUV is offered in both petrol and diesel powertrains, reaching up to 22 lakh (ex-showroom) for the top-end variant.

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Published: 04 Dec 2023, 07:16 PM IST
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