MG 4 Sees Soaring Demand After Huge Price Cuts, Existing Customers Offered Compensation

MG Motor has seen a dramatic surge in demand for its 2024 MG 4 electric hatch following substantial price cuts, making it Australia's most affordable electric vehicle. The starting price for the base model, the MG 4 Excite 51, now sits at just $30,990 drive-away, with discounts as high as $10,000 for other variants. These sharp reductions have prompted an influx of new buyers, while MG has also offered compensation to existing customers who purchased the car before the price drop.

A Surge in Sales

MG's commercial chief, Giles Belcher, revealed that since the discounts were introduced on September 20, demand has surged fivefold. “In the last 10 days of the month, we doubled what we would normally sell in a month," he noted, highlighting how the reduced prices have captivated both EV enthusiasts and traditional small car buyers. MG sold 385 units in September, and analysts predict over 1900 deliveries in October, potentially making the MG 4 Australia's best-selling small car and the top-selling electric vehicle.

The MG 4’s newfound affordability has drawn a broad spectrum of interest, including from those traditionally interested in petrol-powered vehicles. Belcher remarked, "It’s not just people who are interested in an EV ... the value is unmatched in the industry at the moment."

Compensation for Early Buyers

While new buyers are benefitting from the discounts, those who purchased an MG 4 before the price cuts were understandably frustrated. To address this, MG Motor Australia has promised an undisclosed compensation offer for customers who bought the car at the higher price earlier in 2024. Though details of the compensation are confidential, affected buyers are encouraged to contact their dealerships to explore their options.

Price Cuts Driving EV Popularity

The MG 4’s price drop has shown that electric vehicles can still capture the market, despite a recent slowdown in overall EV demand. Belcher pointed out that the price cuts demonstrate that interest in electric cars remains strong when the price is right, dispelling some claims that EV sales are stagnating in favor of hybrids.

Looking ahead, the $30,990 drive-away promotion will end on October 31, 2024, after which the Excite 51 model will increase to $32,990. Despite the price rise, Belcher believes that the MG 4 will remain an attractive option, calling the $32,990 price tag “an amazing deal” that still offers excellent value for money.

The Future of MG 4 Pricing

The future of MG 4 pricing beyond January 2025 remains uncertain. MG will assess the market in early January to decide if the $32,990 drive-away price will be extended or adjusted further. In any case, the company is confident that the car's affordability and features will continue to appeal to a broad audience.

As MG continues to gain momentum in the electric vehicle market, the MG 4’s success illustrates that price reductions, coupled with strong features, can drive significant consumer interest—even in a market with fluctuating demand for EVs.