MG Motor India sells 5,108 units in October, up 17%

MG Motor India is the first carmaker to announce its sales numbers for the month gone by. The company, which retails the Astor, Gloster, Hector 5-seater, Hector Plus SUVs and two EVs – the ZS EV and the Comet EV – has clocked sales of 5,108 units. This makes for a 17% year-on-year increase (October 2022: 4,367 units). Month on month, October sales are up 2% on September 2023’s 5,003 units.

In the April-September 2023 period, as per SIAM industry data, a total of 3,661 EVs – comprising 1,914 Comet EVs and 1,747 ZS EVs – were sold. While it can be expected that the Comet EV, the most affordable electric car in India, would have witnessed sustained demand, MG Motor India’s move to slash the ZS EV’s price by up to Rs 230,000 in early October would have revved up demand for the zero-emission e-SUV. Prices for the MG ZS EV now start at Rs 22.88 lakh for the Excite variant and go up to Rs 25.90 lakh for the Exclusive Pro variant (ex-showroom, India).

Similarly, two other models – the Hector and Hector Plus – have also seen a significant cut in their prices: by up to Rs 129,000 for the Hector and by up to Rs 137,000 for the Hector Plus. The company cited a reduction in input costs and a streamline in the supply chain, and a part of its 100-year celebrations as reasons for the sizeable price cuts.

Cumulative sales in the first seven months of FY2024 are 33,990 units, which constitutes 28% YoY growth (see sales data table above). This makes for average monthly sales of 4,855 units, some distance away from the company’s internal plan to sell between 7,000 to 8,000 units a month.