Popular car brands like Tata Motors and MG Motor India have decided to reduce prices on some of their electric vehicle (EV) models to boost sales and meet targets. The Nexon EV, having undergone a significant facelift in late 2023, is now available at prices up to Rs 1.2 lakh lower, ranging from Rs 14.49 lakh to Rs 19.29 lakh.
Despite its popularity, there are remaining units of the older Nexon EV model and MY2023 stock of the upgraded version still available at discounted rates of up to Rs 2.8 lakh and Rs 1 lakh, respectively. With the introduction of reduced prices for the MY2024 Nexon EV, these unsold stocks could offer even more benefits.
Similarly, the MY2024 Tiago EV has received a price cut of up to Rs 70,000. Before this reduction, the MY2023 Tiago EV had unsold units available with benefits of up to Rs 97,000. The Tiago EV, leading the entry-level EV hatchback segment with monthly sales exceeding 2,900 units, now starts at Rs 7.99 lakh.
MG Moter India also drops prices
MG Motor India also announced a price cut for the Comet EV by up to Rs 1.4 lakh, depending on the variant. The Comet EV, while not as fast-selling with an average of 550 units per month, now starts at Rs 6.99 lakh, Rs 99,000 lower than its previous price of Rs 7.98 lakh. Unsold MY2023 stock of the Comet EV is additionally available with attractive discounts ranging from Rs 80,000 to Rs 1,00,000, depending on the remaining inventory.
The midsize EV SUV ZS EV from MG has seen a price reduction as well. The newly introduced Executive trim is now priced at Rs 18.98 lakh, a significant Rs 3.9 lakh less than the previous entry-level variant priced at Rs 22.88 lakh. While mechanically unchanged, this variant offers fewer features. The ZS EV now falls within the price range of Rs 18.98 lakh to Rs 24.99 lakh. Some dealers still have unsold MY2023 inventory, which is being sold with discounts and benefits of around Rs 1-2 lakh, depending on inventory levels.
Mahindra EV won’t cut prices
Contrary to Tata and MG's pricing adjustments, Mahindra has chosen not to implement price cuts on its XUV400 EV. Rajesh Jejurikar, Mahindra Auto’s Executive Director and CEO confirmed that there will be no price correction for the existing Mahindra XUV400 EV lineup. The XUV400, Mahindra’s only EV, received its most significant update in January, with introductory prices ranging from Rs 15.49 lakh to Rs 17.49 lakh. Despite the absence of discounts on the updated XUV400, unsold MY2023 stocks are being offered with substantial benefits of over Rs 4 lakh, depending on remaining inventory levels.
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