China’s MG Motor undercuts rivals with a $9,800 EV, India’s least expensive

NEW DELHI — MG Motor, owned by China’s SAIC Motor, on Wednesday launched the lowest-priced electrical automobile in India, because it seeks to tackle native rivals like Tata Motors on this planet’s third-largest automobile market.

The 2-door Comet EV affords a variety of 230 kilometers (143 miles) on a single cost and is priced beginning at 798,000 rupees ($9,763), under-cutting Tata’s four-door Tiago electrical car (EV) which has a variety of 250-315 km and is priced beginning at 849,000 rupees ($10,400).

MG Motor is pitching the Comet EV as a super trip for India’s congested cities and roads as it’s “extraordinarily simple to manouver within the city jungle”, the automobilemaker’s India head Rajeev Chaba stated throughout a digital launch occasion.

“It’s for many who are searching for a wise answer to fight as we speak’s city mobility points,” he stated, including the automobile was simple to drive and park in varied circumstances.

Gross sales of EVs made up lower than 2% of complete annual automobile gross sales in India of three.9 million automobiles in 2022-23 with Tata Motors dominating the market. However Prime Minister Narendra Modi’s authorities desires to develop this to 30% by 2030.

The Comet, which is designed to seat 4 individuals, is MG’s second EV within the Indian market the place it sells the larger ZS electrical sport-utility car (SUV). MG Motor expects EVs to account for 25%-30% of its gross sales within the nation in 2023.

Rival BYD additionally launched its first EV in India final yr with a plan to nook 40% of the nation’s electrical automobile market by 2030.

The Comet’s pricing, nonetheless, appears to be costly in comparison with different entry EV automobile costs given its small measurement, Gaurav Vangaal at S&P International Mobility stated.

“Automotives will not be solely mobility any extra because it turns into a part of a way of life. We hope MG will discover sufficient clients for its car however might fall wanting its manufacturing targets,” he stated.

The EV market is within the grip of a worldwide value battle, with BYD setting the beginning value for its new Seagull hatchback at 73,800 yuan ($10,659), about 6.3% decrease than its preliminary marketed value.