Tata, MG cut EV prices to boost sales, Mahindra holds ground

In a bid to push inventory and achieve sales targets, mass-market brands like Tata Motors and MG Motor India have slashed the prices of their popular models. On the other hand, Mahindra is not looking to reduce the prices of its recently updated XUV 400 EV. 

Prices for the Nexon EV, which received a significant facelift in late 2023, have been slashed by Rs 1.2 lakh. With the new price update, the Nexon EV now ranges between Rs 14.49 lakh and Rs 19.29 lakh. The Nexon EV is the most popular EV SUV in India and sees average monthly sales of over 1,750 units. Even then, dealers have leftover units of the pre-facelift Nexon EV and also MY2023 (model year 2023) stock of the facelifted model, which were available with discounts of up to Rs 2.8 lakh and Rs 1 lakh, respectively. Now, with the price cut for MY2024 Nexon EV, the unsold stocks from last year can be had with even more benefits. 

This also goes for the MY2024 Tiago EV as well, which now gets a price cut of up to Rs 70,000. Unsold stock of MY2023 Tiago EV was available with up to Rs 97,000 worth of benefits before the price cuts were announced. The Tiago EV continues to dominate the entry-level EV hatchback segment and has average sales of over 2,900 units every month. Prices of the Tiago EV now start at Rs 7.99 lakh.

MG Motor India cuts EV prices too

Just ahead of Tata Motors’ announcement, MG Motor India also announced a price cut for the Comet by up to Rs 1.4 lakh, depending on the variant. The uniquely styled Comet EV is a relatively slow seller with average monthly sales of 550 units. Prices for the Comet EV now start at Rs 6.99 lakh, which is Rs 99,000 lower than earlier. Unsold MY2023 stock of the Comet EV is also available with attractive discounts of around Rs 80,000 to Rs 1,00,000, depending on unsold inventory.  

MG’s midsize EV SUV, the ZS EV's starting level price has come down as well. This is the second time the SUV has seen a major price cut. The earlier one which took place in October last year, saw prices fall by Rs 2.30 lakh. The newly introduced executive trim is priced at Rs 18.98 lakh, a whopping Rs 3.9 lakh less than the erstwhile entry-level variant, which is priced at Rs 22.88 lakh. It remains mechanically unchanged but gets fewer features. The ZS EV is now priced between Rs 18.98 lakh to Rs 24.99 lakh. Some dealers have unsold MY2023 inventory too, which is being retailed with discounts and benefits of around Rs 1-2 lakh, depending on inventory.

No price cut for Mahindra EVs

Despite Tata and MG price revisions, Mahindra has said that it will not be instituting any price cuts for its XUV400 EV. Mahindra Auto’s Executive Director and CEO, Rajesh Jejurikar, said, “No price correction is expected on the existing Mahindra XUV400 EV line-up.” The XUV400, which is Mahindra’s only EV for now, was given its most significant update in January with introductory prices starting at Rs 15.49 lakh and going up to Rs 17.49 lakh (ex-showroom, India).

Before the updated version arrived, the starting price was Rs 15.99 lakh which is Rs 50,000 more than the current price. While the updated XUV400 does not have any discounts, unsold MY2023 stocks are being offered with massive benefits of upwards of Rs 4 lakh, depending on inventory.