MG Motor, the British-origin carmaker recently acquired by Indian conglomerate JSW, is gearing up to implement a price hike across its entire vehicle lineup starting from the upcoming New Year.
The affected models include popular choices like Hector, Hector Plus, Astor, Gloster SUVs, and the electric vehicles Comet EV and ZS EV.
This move follows MG Motor’s earlier price adjustments in August, particularly for its flagship SUVs, Hector and Gloster.
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Reasons Behind the Price Hike:
MG Motor justifies this decision by pointing to the necessity of addressing escalating production costs.
The carmaker released a statement explaining, “This hike is owing to the rising costs attributed to overall inflation and increased commodity prices.”
Mitigating the Impact:
While the extent of the price hike remains undisclosed, MG Motor reassures customers that it will introduce special year-end offers as a proactive measure to offset the impact of higher prices. The revised prices are set to take effect from January.
Industry-Wide Trend:
MG Motor joins the ranks of prominent car manufacturers in India announcing price hikes.
Maruti Suzuki, Tata Motors, Mahindra and Mahindra, and Honda Cars have all communicated their intentions to increase prices starting January.
Hyundai Motor, the country’s second-largest car manufacturer, is also considering price adjustments for its models in the near future.
Recent History of Price Adjustments:
This latest price adjustment comes just three months after MG Motor raised the prices of its Hector and Gloster SUVs.
Notably, it marks the second price increase for these two SUVs within a three-month span in 2023. The previous adjustment, implemented in May, affected all MG Motor models.
Impact on Specific Models:
The Hector SUV, despite undergoing a significant update earlier in the year, is now set for its third price increase within a twelve-month period.
With a starting ex-showroom price of ₹15 lakh, the Hector SUV offers both petrol and diesel powertrains, reaching up to ₹22 lakh (ex-showroom) for the top-end variant.
Customers await further details as the automotive industry anticipates a new pricing landscape in the coming year.
