Electric Vehicle Price Cut: MG Motor and Tata Motors slash EV prices; check new rates

Electric Vehicle Price Cut: The demand for electric vehicles (EVs) in India, spanning both two wheelers and four wheelers, is on a steady rise. However, accessibility remains a challenge for many due to the heavy price tags associated with certain models. 

Beyond cost, concerns about charging infrastructure also deter potential buyers. Yet, concerted efforts from both the government and automotive companies are steadily addressing these hurdles. As a result, major players like Tata Motors and MG Motor are now offering significant price reductions on their respective EV models.

MG Motor's EV Price Reduction

MG Motor has announced a substantial reduction in the price of its Comet EV, now priced at Rs 6.99 lakh (ex-showroom), down from Rs 7.98 lakh, marking a reduction of approximately Rs 1 lakh. Similarly, the price of the MG ZS EV Executive has been adjusted to Rs 18.98 lakh.

Tata Motors' EV Price Cut

Tata Motors, in a recent statement, revealed revised prices for its electric lineup. The Nexon EV will now start at Rs 14.49 lakh, while the long-range variant (465km) begins at Rs 16.99 lakh. Additionally, Tata Motors has slashed the price of the Tiago EV, with a new starting price of Rs 7.99 lakh. Notably, the Nexon EV sees a reduction of Rs 1.2 lakh, while the Tiago EV's price has been lowered by Rs 70,000. However, the recently launched Punch EV retains its original pricing.

Tata Motors' Share today

Tata Motors' shares saw a marginal decrease of 0.51 per cent, trading at Rs 928.05 apiece on BSE as of 1:32 pm, Tuesday, February 20. Meanwhile, its market capitalisation stood at Rs 3,08,331.29 crore at around the same time.