NEW DELH: MG Motor India Pvt Ltd on Friday said it will raise product prices, effective 1 January, 2021, in line with industry biggies Maruti Suzuki India, Hero MotoCorp, Mahindra and Mahindra, among others, who have also announced price hikes to protect their margins.
The increase has been attributed to rising commodity prices.
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“The company would also undertake a price revision across its product range in view of miscellaneous cost increase. The price hike will range up to 3 per cent depending on the model and will be applicable from January 1, 2021. MG currently retails three models in India – the MG Hector, the ZS EV and the Gloster,” the company said in a statement.
MG Motor India also announced its decision to launch the sever-seater version of its sport utility vehicle, Hector Plus, in January 2021. This will be company’s fourth product offering for the Indian market since it started operations in June 2019 with sports utility vehicle, Hector.
In January this year, MG Motor had launched the ZS electric sports utility vehicle. The company has collaborated with multiple charging infrastructure providers to set up charging stations at its dealerships and customer residences.
Besides looking at new combustion engine-based products, the company is in the process of launching its ZS electric vehicle in Tier two and Tier three cities in across the country. Earlier this month, it had announced partnering TES-AMM, an electronic waste recycling service provider, to effectively recycle the lithium batteries used in electric vehicles.
MG Motor has been scouting for opportunities to increase its production capacity in India. As of now, the manufacturing capacity of its Gujarat facility is 80,000 units per annum.
