Electric Cars Cheaper Than Rs 10 Lakh Still A Few Years Away, Says MG Motor
MG Motor India launches its first EV in India at a starting price of Rs 20.88 lakh. Photographer: Nishant Sharma/BloombergQuint 

Electric Cars Cheaper Than Rs 10 Lakh Still A Few Years Away, Says MG Motor

An affordable electric car may still be a few years away, according to MG Motor that launched its first battery-powered four-wheeler in India.

“To launch an EV (electric vehicle) product at less than Rs 10 lakh is an objective but that will take a few years,” Rajeev Chaba, president and managing director of the British car brand that’s owned by China’s SAIC Motor Corp., told BloombergQuint in an interview.

The company said that its electric car ZS, which is priced between Rs 20.88 lakh and Rs 23.58 lakh, has already received more than 2,800 bookings. ZS is the company’s second product to be launched in India after its mid-sized sport utility vehicle, Hector, and comes on the heels of Hyundai Cars India’s unveiling a long-range electric vehicle.

The automaker has seen interest not only from private owners but also from new-age fleet operators and the government, Chaba said. “15 percent of the bookings are from the new-age fleet owners.”

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