Tesla Model Y News

Is MG the latest headache for Tesla and Toyota? October’s electric car sales suggest the Chinese brand just might be. Tesla is out and MG is in, and it’s all thanks to price cuts that have bumped the highly regarded MG4 hatchback not only ahead of Model Y and Model 3 sales, but in front of Elon Musk’s controversial brand entirely. In October 2024, Tesla sold a total of 1464 cars, 1042 of which were Model Y and the remaining 422 Model 3s. During the same period, MG shifted a seriously impressive 1486 MG4 hatchbacks. For context, in the small-car segment that puts the MG4 only behind the Toyota Corolla (1751) and ahead of all others, including stalwarts such as the Hyundai i30, Kia Cerato (967) and Mazda3 (742). It also outsold the Toyota Camry.The MG4’s direct rivals including the GWM Ora (154) and BYD Dolphin (67) were nowhere near the MG last month. So what’s driving sales over at MG? It’s price. That’s the long and short of it. The brand is offering startlingly low entry points for its electric hatch, with the Excite 51kWh with 350km of WLTP range currently $32,990 drive-away — and that’s a national deal for MY24. Not only is that cheaper than the GWM Ora ($35,990, drive-away) and BYD Dolphin ($38,990, before on-road costs), but about $3000 less than a Toyota Corolla Ascent Sport hybrid, too.Stepping up to the Excite 64 with 450km driving range and the up-spec Essence, the brand’s offering an $8000 factory bonus, though that is restricted to MY23 models. Current versions (with minimal changes) are $44,990 and $46,990 (drive-away), respectively. Historically more popular than Ora and Dolphin anyway, the MG4 was finding between 300-400 homes a month earlier in the year. It was the dramatic price cut on September 20 that has drastically impacted sales. MG Chief Commercial Officer Giles Belcher made note of other reasons for MG4's success last month."At MG we believe we have a winning formula when it comes to buying a new car, and this includes EVs – we have award winning products, backed up by an industry leading 10-year warranty and at a price point that represents great value," said Belcher.To be fair to MG, while the Excite 51kWh was the most sold variant with 53 per cent share, that still leaves the other variants doing heavy lifting in sales terms.Price has been one of the biggest factors affecting EV popularity. Tesla is a great example, after a few mid-1000 Model Y months in April and May it slashed prices, corresponding to a huge month-on-month increase in June with 2906 Model Ys and 1777 Model 3s sold. That same month saw other marques, including Nissan, Peugeot and Ford, dramatically discount their electric cars. A near-instant increase in sales followed.If MG manages to keep such a sharp price point on the MG4 hatch while covering its operating costs, rivals like the Dolphin, Ora and other new rivals are unlikely to catch up by the end of the year. There will be a bigger challenge next year with more cut-price rivals such as the Kia EV3 and Hyundai Inster, not to mention fresh rivals such as Aion's new hatch, entering the fray.

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