Companies

MG Motor to increase price of Hector by 2-3% from month end

S Ronendra Singh New Delhi | Updated on September 26, 2019 Published on September 26, 2019

A file photo of Rajeev Chaba, President & MD, MG Motor India, unveiling the first internet SUV ‘Hector’   -  PAUL NORONHA

Current price is only introductory one, says President & MD Rajeev Chaba

When other automobile companies are giving discounts to boost sales and passing on the benefits of the government’s announcement on corporate tax reduction, MG Motor India has decided to increase the price of its Hector SUV by 2-3 per cent from this month-end.

Speaking on the sidelines of an event, Rajeev Chaba, President and Managing Director, MG Motor India, told BusinessLine, “We will hike the price by 2-3 per cent because the current price is the introductory price. From the next booking that starts on September 29, we will announce the price hike.”

The company sells only one product right now — Hector— which has been well received by the customers, and even at the time of downturn in the automobile market, MG received more than 28,000 bookings since the bookings began on June 4 and had to close in mid-July for this year. The Hector was launched in June at a special introductory price of ₹12.18 lakh to ₹16.88 lakh (ex-showroom, New Delhi).

The company has been despatching around 2,000 units of the the Hector to its customers every month and the date of re-opening of bookings will be announced on September 29, Chaba said.

E-vehicle launch on cards

In the coming months, MG Motor will launch its electric vehicle – eZS — for which it is working with several charging infrastructure companies.

On Wednesday, the company launched MG Developer Programme & Grant for mobility ecosystem in collaboration with leading technology companies such as SAP, Cognizant, Adobe, Airtel, TomTom and Unlimit.

As part of the programme, the company will provide innovators (start-ups) an opportunity to secure mentorship and funding from industry leaders. It will run a competition in which shortlisted ideas will receive specialised, high-level mentoring (with more than 20 mentors) and networking opportunities to assist with the practical development of the solution, business plan and modelling, testing facilities, go-to-market strategy and many more.

Winning ideas will have access to a grant, the amount for which will be decided by the jury on a case-by-case basis, Chaba said, adding that the company has kept aside ₹50 lakh for this year, and other partners will contribute from time to time.

“The automobile industry is currently witnessing sweeping transformations in the space of connected, electric and shared mobility. MG aims to take this revolution forward with its focus on attaining technological leadership in the automotive industry. More partners are likely to join the programme in due course,” Chaba added.

Published on September 26, 2019
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