MG Motor India is considering a budget EV, as per a new report from The Economic Times. If all goes as planned, the company will price it below INR 10 lakh.
“We feel that for markets like India, an electric car priced below Rs 10 lakh will work and the company is working on making it possible,” Rajeev Chaba, MD, MG Motor India, told the business publication. “We expect our second EV launch will be priced below Rs 10 lakh,” he added.
MG Motor India will enter the market with the Hector, a C-SUV, next month. This model will be available with a 48-volt mild-hybrid system optionally. Towards the end of the year, the company will launch its first EV - the eZS. This EV will be imported via the CBU route and be used for understanding the EV market in India. Priced north of INR 20 lakh (as per media reports), this one will be a very expensive product with limited potential.
Speaking about the sub-INR 10 lakh EV, Chaba said, “We will take a final decision only after watching the policy clarity in the space.” Such attractive pricing would appeal not only private customers in big numbers, but also fleet operators and the government body EESL.
Last year, spy shots had revealed that MG Motor India had imported the Baojun E100 EV for local testing. ICAT was testing this model. However, chances for its launch in India are slim, as it’s a pint-sized, two-seat model that probably won’t be able to achieve high volumes in our market.