MG Motor India to drive in electric vehicle at Rs 10-15 lakh by next fiscal

MG Motor India will drive in an electric vehicle priced between Rs 10-15 lakh by the end of the next fiscal to rev up its play in the country's electric mobility space, according to a top company official.

The company which currently sells electric SUV ZS EV will launch an electric crossover vehicle based on a global platform but customised for the Indian market as its next new product.

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"Our next product after SUV Astor, we have been thinking about an EV and now we have been very encouraged with the absolute clarity from the government side that EV is the way to go," MG Motor India President and Managing Director Rajeev Chaba told PTI.

Sharing the company's plans, he said, "We have taken the decision that we are going to introduce an EV by the end of next financial year."

On the expected price, he said it will range from Rs 10 lakh to Rs 15 lakh and will target the mass segment of personal electric mobility.

"It is actually a kind of a crossover and this is going to be based on a global platform, which we are going to develop and this will be an EV for mass market for all the emerging markets including India," Chaba said.

For India, he said, "We will customise this car for the range and the Indian regulations and customer taste...It will be specially tailored for India. We will start working on it right now."

Bullish on the planned EV, he said, "This is the kind of tipping point that we have been talking about that if we are able to do a car between Rs 10 lakh and Rs 15 lakh that can give us good volumes. So hopefully, this would be our volume EV car."

Chaba further said in order to meet the government's guidelines for the production linked (PLI) scheme for the auto sector, MG Motor India will localise a lot of parts for its next EV. These would include battery assembly, motors and localisation of other parts, he added.

MG Motor India's other offering in the electric mobility, the ZS EV, is available in two variants priced at Rs 21 lakh and Rs 24.68 lakh (ex-showroom).

Chaba said at present the company has more than 2,000 orders pending, while it is able to supply only 250 to 300 units a month due to the semiconductor shortage.

"We will increase this from February onwards. We are going to make it, maybe 500 units to 600 units a month," Chaba said.