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MG Motor India said the company expects 25-30 per cent of its total vehicle sales to come from electric cars in the current financial year. It plans to roll out its Comet electric vehicle (EV) in the coming days, the smallest EV available in India.
The company already sells ZS EV electric SUVs in India. The company said the Indian electric passenger market reached around 50,000 units in the last financial year, which is likely to be around 1.25 lakh units this year.
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MG Motor has already sold around 10,000 units of ZS EV so far and expects sales of this model to touch 1,000 units a month soon, along with the Comet, to do about 3,000 units a month.
“We feel this car is perfect for India, especially in the urban areas where traffic is much more. It is easy to drive and also fit and finish are premium with a big screen. We expect to do 25-30 per cent of our total sales ‘to come from our EVs (Comet and ZS EV) in the current financial year,” Rajeev Chaba, President and Managing Director, MG Motor, told businessline.
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He said the company has less than two per cent (of the total passenger vehicle market) market share right now, but this number will continue to increase.
“For India, the tipping point would be when the penetration levels reach up to 10 per cent, and there are more choices for consumers around ₹10 lakh price range,” he said, indicating the Comet pricing.
The company will launch the Comet in the next few days and it will sell it through all the dealers across the country (around 150 cities). The company recently unveiled the two-door Comet, which it plans to introduce in a phased manner nationwide starting next month.
When asked about Comet’s cost of development, the smallest car in India right now, Chaba said, “Had it been some other manufacturer, they would have invested much more for developing the car from scratch. We have brought a developed car (already sold in other parts of the world) to suit the Indian conditions. So for this car, including plant cost – tooling and all, is closed to ₹800 crore.”
Chaba said the Comet could run for around 230 km on a single charge and 170-180 km per charge on an average, adding that the cost of ownership will be very economical, which could be around ₹700 only per month.
A 17.3 KWH li-ion battery powers Comet and can be fully charged in around seven hours.
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