The smallest car of India, MG Motor’s electric car ‘Comet’, is dwindling. It recorded production of only 3,052 vehicles between April 2023 and February this year, and sold only 1,914 units till now.
Data gathered by Society of Indian Automobile Manufacturers (SIAM) showed that the company has discontinued production of the vehicle since June 2023.
MG Motor India had launched the Comet EV in April last year with an introductory starting price of ₹7.98 lakh and going up to ₹10 lakh for the top-end (ex-showroom). It is the second EV in MG Motor’s portfolio after the ZS EV.
However, looking at the poor sales, the company took a massive (₹99,000 to ₹1.40 lakh) cut in the prices of the Comet in February and now it starts at ₹6.99 lakh and the top-end variant costs ₹8.24 lakh.
Speaking to businessline during the launch last year, Rajeev Chaba, President and Managing Director (now CEO Emeritus), MG Motor India, had said: “People who already have a car in the family may look for the Comet initially as their second car, but after proven or people see the car on the roads, first-time buyers would also go for this car.”
Dipping sales
However, after the initial months, the sales of the Comet started falling and from June onwards, the production as well sales volumes remained stagnant. The company, in order to please the customers, even launched the fast charging options in two new variants – Excite and Exclusive, earlier this month.
According to analysts tracking the sector, the pricing for a two-door EV was a bit expensive when compared with the next-available EV model in the country — Tata Tiago EV.
Value-conscious buyer
“Even though the vehicle is easy to manoeuvre on the congested Indian roads, Indian consumer’s value consciousness impacted the purchase decisions,” Gaurav Vangaal, Associate Director – S&P Global Mobility, told businessline.
That is why some customers too are still buying the 2023-manufactured Comet at a higher discount, at this juncture. “The Comet is an upgrade for me from a two-wheeler and a downgrade from a sedan. And, it’s has been the best decision I took,” said Gautam Chaudhury, a doctor in Delhi.
Meanwhile, MG Motor along with its partner JSW Group is expected to announce its third electric car ‘Excelor’ on Wednesday, the first event by the joint venture (JV) company.
“With the new JV structure, the company’s efforts should be more towards higher localisation content, which help them to bring better value propositions for Indian consumers,” said Vangaal.
Queries sent to MG Motor India did not solicit any response till the time of press.