In a surprise move, MG Slashes Comet EV Prices by Rs 1.5 Lakhs. This makes the base variant of the Comet cheaper than even the Tata Tiago EV, currently India’s most affordable electric car.
MG announced that it has revised the ex-showroom prices for the Comet EV with immediate effect following its review of the Centre’s Green Energy incentives.
The price cuts also came right after the company reported a 53% decline in sales for January amidst slow EV adoption. The competitive re-positioning indicates MG’s intent to boost demand and sales through more attractive pricing.
Comet Now Starts at Rs 9.99 Lakhs, Undercutting Tiago EV
The biggest reduction has come in the entry-level Comet EV Style trim, which has received a price cut of Rs 1.5 lakhs.
The Style variant will now retail at an ex-showroom starting price of Rs 9.99 lakhs compared to the earlier Rs 11.5 lakhs. This makes it over Rs 2.5 lakhs cheaper than the next most affordable EV, the Tiago EV, which has a starting price of Rs 12.49 lakhs that was recently hiked.
MG has also reduced prices across the higher-spec Comet EV Smart and Sharp trims by Rs 1 lakh each. The Smart will now start at Rs 12.98 lakhs while the Sharp starts at Rs 14.78 lakhs.
Comet EV Offers a 141 km Range, 115hp Performance
The Comet EV is MG’s second electric model for India after the ZS EV SUV. Launched in October 2022, the Comet EV is a sporty 5-door hatchback with a contemporary coupe-like design and lowered stance.
It comes with a 44.5 kWh battery delivering a claimed driving range of 211 km on a single charge. However, the smaller 33kWh battery variant offered on the base Style trim has a reduced 141km range.
The electric motor puts out 115hp power and 170Nm instant torque output for spirited performance. The Comet EV supports up to 50kW DC fast charging.
MG Expects Enhanced Appeal with Lower Prices
Commenting on the strategic price revision, MG Motor India President and Managing Director Rajeev Chaba said:
“The price revision makes the MG Comet EV even more attractive for customers looking at affordable EVs. We expect strong momentum in the months ahead.”
The company is focusing on rapidly expanding the charging network for EVs across metro cities ahead of an expected sales boost following the competitive pricing.
MG Comet EV to Give Tata Tiago EV Stiff Competition
The Tiago EV from Tata Motors has been the most affordable in India since its launch at Rs 8.49 lakhs. But price hikes since then, combined with the Comet’s drops, have erased that advantage.
Auto analysts believe the repositioning of the Comet EV will disrupt the segment and challenge Tata’s dominance.
“The Comet EV could shake up Tata’s hold on the affordable EV space. With this pricing, it will appeal to mainstream hatchback buyers looking at both ICE and electric options,” said Anay Bhat of CarDeko.
EV Market Leader Tata May Announce Competitive Measures
In response to the Comet’s price cuts, Tata Motors, the leader in India’s fledgling EV market, is also expected to announce competitive pricing or feature revisions to safeguard Tiago EV’s appeal.
“Tata has over 75% market share in EVs and won’t give ground easily. We may see tactical pricing or variant adjustments to protect market share,” predicted Ravi Roop, an industry analyst.
As more models enter India’s slowly electrifying car market, consumers stand to gain from the competitive environment that lowers prices.
Attractive EV Prices Crucial for Mainstream Adoption in Price-Sensitive India
Industry watchers have lauded the move by MG Motor to bring EV prices closer to affordable ICE vehicles. Lower prices are seen as the most crucial factor in driving the adoption of electric mobility in price-sensitive India.
“The sub-Rs 10 lakh price mark for EVs has tremendous psychological appeal to Indian buyers. MG’s gambit could help EVs cross into the mainstream if others also follow suit,” said V Venu, Editor of Car India magazine.
With MG’s aggressive Comet EV pricing, the stage is set for heightened competition in India’s entry-level EV segment. The ultimate beneficiaries of the ensuing battle for affordable electric car dominance will be Indian consumers hungry for cheaper options to go electric.