The Cyberster is currently sold in the UK for about Rs 63 lakh and is expected to be priced between Rs 65 lakh and Rs 70 lakhs.
JSW MG Motor India is set to unveil its first luxury electric sportscar, the Cyberster, in India in January next year, with a price range of Rs 65-70 lakh, its Chief Growth Officer Gaurav Gupta, told Business Standard.
This roadster, a two-door car emphasising a sporty look, will be assembled at the company’s Vadodara plant.
The Cyberster is the first of four luxury cars the company plans to launch in India within the next two years.
Gupta said that car buyers are now seeking “accessible luxury”.
“We are bringing products with specifications and features found in cars priced Rs 1 crore and upwards. Our products will be more feature-packed and better-rounded than the current offerings in the same price range,” he observed.
“Our plant in Vadodara is gearing up to assemble this car in India. We have enough capacity to assemble these cars at our plant, and we believe catering to demand will not be an issue,” he added.
JSW MG has identified its dealer partners in 12 cities to establish MG Select showrooms, a premium showroom line separate from mass-market dealerships.
“The process to build MG Select showrooms is already in place, and we will be ready by the first quarter of the next calendar year. We are on track with our plan,” Gupta noted.
The company has already received considerable interest from dealerships wanting to open MG Select showrooms in cities beyond the top 12 cities.
“We have received an overwhelming response from over 350 potential dealer partners, which will help in mapping cities for expansion,” he said.
The Cyberster is currently sold in the UK for about Rs 63 lakh and is expected to be priced between Rs 65 lakh and Rs 70 lakh, he mentioned.
The company, in which JSW group and other Indian entities now hold a 51 per cent stake, will only launch “new-age energy vehicles” -- strong hybrids, plug-in hybrids, and electric vehicles -- in the luxury category.
In 2023, roughly 45,000 units were sold in India in the luxury car segment, marking a 20 per cent year-on-year growth.
The luxury segment accounts for just 1 per cent of the total domestic car sales in the auto industry.
"However, with the rising trend of ultra-high-networth individuals and the growth of disposable income, there is bound to be growth in this segment in the future. We have already seen the luxury car market in India double in size over the past four years.
"This is in contrast to other luxury products, like premium perfumes and high-end watches, which have grown by about 25 per cent in the same period," Gupta said.
"The rising premiumisation is driving all of us forward. Even in airlines, we are seeing that the premium economy class is full while economy class seats remain vacant. People everywhere are looking to move one notch higher. Even in passenger vehicles, higher-level variants are in more demand compared to lower-level variants," he added.
The current luxury car market is dominated by legacy brands like Mercedes-Benz, BMW, and others, which have been around for many years.
"So, where is the freshness? What is current today? The new-age India is looking for new and distinct experiences," Gupta said.
The Cyberster will also be available under the company’s battery-as-a-service (BaaS) scheme. "As the world’s fastest MG Roadster, the MG Cyberster is the first in the luxury segment to offer BaaS, enhancing accessibility and convenience," he said.
Under this new BaaS pricing model, customers can purchase the car at a specific price and then pay a battery usage fee based on per-kilometre usage, with certain terms and conditions involved.
Feature Presentation: Rajesh Alva/Rediff.com
