The company sees this as an advantage. “The choices that luxury car buyers have in India have been pretty much the same. Therefore, we see an opportunity to offer accessible luxury to these customers through our NEVs,” Gaurav Gupta, chief growth officer, at the firm, told ET. The company plans replicate what it did five years ago with its MG Hector brand in the INR 10-20 lakh price segment, he added.
As part of the plan, starting from the first quarter of 2025 it would roll out its first among the four high-end models planned for the premium segment over the next 2 years. The models will be sold through a dedicated retail channel under the MG Select brand in 12 cities in phase one. These outlets would aim to offer a “curated experience” to the customers. Additionally, it’s also working on other distribution models for cities where it would not have a luxury outlet. “The idea is to make it accessible to customers. How do they own a piece of MG Select.?,” he said.
In response to the price point at which MG plans to position its luxury range, Gupta said, “Price will be just one of the elements.” The company is looking to offer an entire package –pretty much the same way it has done with the Windsor, a compact UV which broke cover earlier this month. It’s the first model in India’s passenger vehicle market to offer an option to the customers to use battery as a service and pay per month as per the usage. Gupta said, JSW MG now aims to “disrupt” the luxury segment and challenge the “status quo.”
India’s luxury car segment which has less than 2% share in the overall car comprises of models from six global luxury brands including Mercedes Benz, BMW, Audi, Jaguar Land Rover, Toyota Lexus, and Volvo Cars. Led by Mercedes which has been the market leader for 10 straight years, the top three German brands account for over 90% of the 45000 to 48000 luxury cars ( priced of upwards of INR 43 lakh)
At a penetration rate of 6% currently, EVs in the luxury segment is three times compared to that of mass car market. With buyers in the segment taking to electrification trend faster than the mass market ones, manufacturers have been steadily building the line-up of EV offerings for the Indian market. BMW India leads the luxury EV market in India. Owing to the government’s policy which favours only EVs and doesn’t offer any incentives for hybrids or plug-in hybrids, luxury carmakers have so far steered clear of launching anything other than EVs. Gupta of JSW MG said even though there are no incentives, the company will be able to launch hybrids and plug-ins. “The collaborative synergies of both the investors (JSW and SAIC) will help MG in bringing in models in all body styles and powertrain options.”
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