In addition to the price reductions, unsold MY2023 stocks come with substantial benefits, further sweetening the deal.
In an effort to clear inventory and meet sales targets, mass-market automakers such as Tata Motors and MG Motor India have significantly reduced the prices of their popular models. On the contrary, Mahindra has decided not to lower the prices of its recently updated XUV 400 EV.
The Nexon EV, which underwent a major facelift in late 2023, has seen a price reduction of Rs 1.2 lakh. With this new pricing, the Nexon EV now falls within the range of Rs 14.49 lakh to Rs 19.29 lakh. As the most sought-after EV SUV in India, the Nexon EV boasts average monthly sales of over 1,750 units. Nevertheless, dealers still have unsold units of the pre-facelift Nexon EV and the 2023 model year stock of the facelifted version, which were previously available with discounts of up to Rs 2.8 lakh and Rs 1 lakh, respectively. Following the price reduction for the 2024 model year Nexon EV, the remaining stock from the previous year can now be purchased with even greater benefits.
The same applies to the 2024 model year Tiago EV, which has received a price cut of up to Rs 70,000. Prior to the announcement of the price cuts, unsold stock of the 2023 model year Tiago EV was available with benefits worth up to Rs 97,000. The Tiago EV continues to lead the entry-level EV hatchback segment, with average sales exceeding 2,900 units each month. The starting price of the Tiago EV is now Rs 7.99 lakh.
MG Motor India has also reduced the prices of its EVs. Shortly before Tata Motors’ announcement, MG Motor India declared a price reduction of up to Rs 1.4 lakh for the Comet, depending on the variant. The distinctively styled Comet EV, with average monthly sales of 550 units, is a relatively slow seller. The starting price for the Comet EV is now Rs 6.99 lakh, which is Rs 99,000 lower than before. Unsold 2023 model-year stock of the Comet EV is also available with attractive discounts ranging from Rs 80,000 to Rs 1,00,000, depending on the unsold inventory.
Furthermore, the starting price of MG’s midsize EV SUV, the ZS EV, has been reduced. This marks the second significant price cut for the SUV, with the previous reduction in October of the previous year resulting in a decrease of Rs 2.30 lakh. The newly introduced executive trim is priced at Rs 18.98 lakh, a substantial Rs 3.9 lakh less than the previous entry-level variant, which was priced at Rs 22.88 lakh. While mechanically unchanged, the executive trim offers fewer features. The ZS EV is now priced between Rs 18.98 lakh and Rs 24.99 lakh. Some dealers also have unsold MY2023 inventory, which is being sold with discounts and benefits of around Rs 1-2 lakh, depending on the inventory.
Despite the price adjustments made by Tata and MG, Mahindra has announced that it will not be implementing any price cuts for its XUV400 EV. Rajesh Jejurikar, Executive Director and CEO of Mahindra Auto explained that no price correction is expected on the existing Mahindra XUV400 EV line-up. The XUV400, currently Mahindra’s sole EV, received its most significant update in January, with introductory prices starting at Rs 15.49 lakh and going up to Rs 17.49 lakh (ex-showroom, India). Before the arrival of the updated version, the starting price was Rs 15.99 lakh, which is Rs 50,000 more than the current price. While there are no discounts on the updated XUV400, unsold MY2023 stocks are being offered with substantial benefits of upwards of Rs 4 lakh, depending on the inventory.
