NEW DELHI - MG Motor India has announced that it will increase the prices of its entire five-model lineup starting January 2024, as the company faces higher expenses due to inflation and surging commodity prices. The price adjustment will affect models ranging from the budget-friendly Comet EV to the premium Gloster, with current prices spanning from ₹7.98 lakh (approx. $9,571) to ₹43.87 lakh.
In anticipation of the price hike, MG Motor India is offering special year-end incentives to customers considering purchasing a vehicle before the increased rates take effect. This move comes as part of a broader industry trend, with other major automakers such as Maruti Suzuki India and Tata Motors (BO:TAMO) (NYSE:TTM) also preparing to raise their vehicle prices in January, although they have not yet specified the amount of the upcoming increments.
The automotive industry has been grappling with rising input costs for some time, and the decision by MG Motor India reflects the pressures faced by manufacturers. The company's initiative to provide incentives before the price rise indicates an effort to boost sales and maintain customer loyalty in a competitive market.
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