MG Motor India today announced a price increase for all its models which include the Hector, Gloster, and Astor among others. The price hike will be in effect from January 2024.
The SAIC-owned carmaker attributes the price hike to rising costs associated with overall inflation and increased commodity prices. However, specific details about the magnitude of the price increase have not been provided at this time.
The company also shared that it will be announcing special year-end offers during the end of December 2023.
China's largest carmaker, Shanghai Automotive Industry Corporation (SAIC), recently signed a joint venture agreement with JSW Group. Under the agreement, JSW Group will hold a 35% stake in the Indian joint venture operations and SAIC will continue to support the joint venture with advanced technology and products to provide mobility solutions focused on the Indian market. The Shareholder Agreement and Share Purchase & Share Subscription agreement were signed by SAIC President Wang Xiaoqiu and JSW Group’s Parth Jindal at the MG Office in London, with the goal of accelerating the transformation and growth of MG Motor in India.