MG Motor to hike its SUV prices next month

Key Highlights

• MG Motor will be hiking prices for its SUVs and EVs in January production.
• Overall inflation and rising commodity prices are said to be the reason behind this hike.
• Recently, the JSW Group acquired a 35% stake in MG Motor.

As we step into 2024, the SUV prices may be getting steeper. MG Motor will be hiking prices for the Hector, Hector Plus, Astor, and Gloster in January 2024. This price hike will also affect the automaker’s EV offerings – Comet EV and ZS EV. In 2023, MG Motors has increased prices for the Hector SUV three times already. MG Gloster has also been made dearer on multiple occasions this year.

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MG Motors: Another price hike incoming

MG Motor cites ‘rising production costs’ as one of the main reasons behind the price hike. This includes increasing commodity prices and overall inflation. The automaker has not mentioned the updated prices of the cars yet. More will be known about the new prices next month. Last month, the petrol variants of MG Hector got dearer by Rs 27,000 – Rs 35,000. The diesel variants also got more expensive, with hikes within the range of Rs 30,000 – Rs 40,000.

MG Motor offers two powertrain options for the Hector – a 1.5-litre petrol engine and a 2.0-litre diesel engine. The turbo petrol engine can generate a maximum power of 143hp with a torque of 250Nm, while the diesel engine can churn out 170hp with a torque of 350Nm. Both engines are mated with a 6-speed manual transmission, while the non-hybrid petrol version also gets the option of a CVT automatic.

Last month, Indian conglomerate, JSW Group, bought a 35% stake in MG Motor from its parent company SAIC. This joint venture will undertake new initiatives like augmenting local sourcing, improving charging infrastructure, expanding production capacity, and introducing a broader range of vehicles with a focus on green mobility.

According to Wang Xiaoqiu, President of SAIC Motor, “The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the ‘win-win cooperation’ approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India.”

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Conclusion

MG Motor is not the only automaker to be increasing its SUV prices next year. Hyundai, Honda, Maruti Suzuki, and Tata Motors will also be bumping prices across their catalogues in order to accommodate the rising commodity costs. However, Maruti Suzuki is offering year-end discounts on its unsold MY2023 stock right now. This includes its midsize SUV Grand Vitara, and the compact SUV Fronx.

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