According to the company, the MG HS Essence’s price has not increased since its launch in 2022, despite significant currency devaluation. However, due to the imposition of an 18% sales tax and the impact of foreign exchange, the price increase is unavoidable.
The company has increased its prices in two stages, with the new prices taking effect on February 15, 2023. For consumers with a delivery time of February/March 2023, the new price is Rs. 6,999,000, compared to the previous price of Rs. 6,899,000. Therefore, an additional amount of Rs. 100,000 must be paid.
A significant increase of Rs. 1,300,000 has been made to the price for new orders and delivery in April 2023, bringing it to Rs. 8,199,000.
Prices are ex-factory, per unit, and include all applicable duties and taxes. The customer will be responsible for any increase in prices caused by changes in foreign exchange, government levies, including the Federal Reserve, fiscal policies, import policies, or other factors. The final price at the time of delivery will be confirmed. All prices are exclusive of withholding tax, transportation, transit insurance, etc.
A down payment of 20% of the new price, or Rs.1,640,000, will be needed for reservations for deliveries in April.
The price hike announced by MG JW Automobile is certain to affect consumers who were planning on purchasing the MG HS Essence. The company has not stated if the price increase will be reversed in the future. The new prices are a significant development in the automobile industry, and consumers will need to consider them when making a purchasing decision.
