JSW MG Motor India has announced a substantial price reduction for its popular MG Comet EV. The new pricing strategy, which includes the innovative Battery-as-a-Service (BaaS) program, aims to lower the entry barrier for potential EV buyers and accelerate the adoption of electric mobility in India.
New Pricing Model
The MG Comet EV is now available at an attractive starting price of INR 4.99 lakh (ex-showroom). This price drop is part of the BaaS program, which allows customers to purchase the vehicle without the battery. Instead, they can rent the battery at a cost of INR 2.5 per kilometer. This model significantly reduces the upfront cost of the vehicle, making it more affordable for a broader range of customers.
Battery-as-a-Service (BaaS) Explained
The BaaS program is an initiative by MG Motor that separates the cost of the battery from the vehicle. Under this scheme, customers pay for the battery usage based on their driving needs. This pay-as-you-go model not only makes the initial purchase cheaper but also offers flexibility and convenience. The battery rental fee for the MG Comet EV is set at INR 2.5 per kilometer.
Benefits of the BaaS Program
- Lower Upfront Cost: By excluding the battery cost from the vehicle price, the MG Comet EV becomes significantly more affordable.
- Flexibility: Customers can pay for the battery usage based on their actual driving needs, which can be more economical in the long run.
- Assured Buyback Value: MG Motor offers an assured 60% buyback value for the MG Comet EV after three years of ownership, providing additional financial security to the buyers.
Technical Specifications
The MG Comet EV boasts a certified range of 230 kilometers on a single charge, making it an ideal choice for city commuting. The vehicle is equipped with modern features and safety standards, ensuring a comfortable and secure driving experience. The compact design of the Comet EV makes it perfect for navigating through urban traffic and tight parking spaces.
Market Impact
This strategic price reduction and the introduction of the BaaS program are expected to have a significant impact on the Indian EV market. By making electric vehicles more affordable and accessible, MG Motor is likely to attract a larger customer base, including those who were previously hesitant due to the high initial cost of EVs.
Also Read: MG Select in India – What is it?