MG to launch new EV under ₹20 lakh

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MG to launch new EV under ₹20 lakh

January 9, 2021 Anand Gupta

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”The new electric vehicle will be launched by the end of next calendar and in the meanwhile the company is investing in developing the right infrastructure for its prospective electric vehicle customers.”

NEW DELHI : MG Motor India Ltd, a new entrant in the domestic market, plans to launch an electric vehicle (EV) under ₹20 lakh. It is also developing a lithium-ion battery with a range of 500km on a single charge to address ‘range anxiety’.

The EV will be rolled out by the end of 2022, said Rajeev Chaba, president and managing director, MG Motor India. Meanwhile, the company will invest in developing the right infrastructure for its prospective EV customers.

“We are looking at another electric car in the sub- ₹20 lakh range that will hopefully come at the end of next year. That will expand our portfolio in EVs. We will invest our resources with Tata Power to create a network of superfast chargers in India and by the end of this year we will have 30-40 super chargers,” Chaba said.

MG Motor is working with financial institutions to come up with solutions for subscription-based ownership of EVs or provide finance for vehicles without batteries, to help customers adapt to EVs, Chaba said. MG Motors, which is owned by China’s Shanghai Automotive Industry Corp. (SAIC), launched its first electric sport-utility vehicle, ZS, in January 2020 and is expanding its dealership network across India. South Korea’s Hyundai Motor Co. and homegrown auto major Tata Motors also rolled out their respective EVs last year. MG’s EV will compete with Nexon of Tata Motors.

Sales of MG’s EV is expected to double in 2021 to 2,500 units on the back of increased consumer awareness and better infrastructure for EVs, Chaba said.

“Earlier there were no players and that is why in 2019 sales of EVs were just 1,000 units, but last year 5,000 were sold. One can say the number is small, but the change has started and may be this year it will be 10,000 units. This number will encourage the EV infrastructure to develop further. In December we got 200 bookings for ZS EV, which is the highest till date,” he said.

MG Motor India on Thursday launched a seven-seater version of its premium SUV, Hector for ₹13.34 lakh. The product will be available in petrol, diesel, and mild-hybrid powertrain options. The new variant is available with three seating configurations.