EV price
₹1.95m
BaaS: ₹1.40m
SAIC broadens India push as MG Hector Tomahawk EV launches from ₹1.95 million
India's family-SUV market gets two hybrid options with MG's Hector Tomahawk. The brand's battery-rental scheme further shifts car ownership costs towards a subscription model.
Product / commercial catalyst · SHA:600104
MG Hector Tomahawk: price, range and SAIC exposure
Product data: Aug. 26, 2026, 23:20 IST
SAIC close: Aug. 26, 2026, 15:00 CST
SAIC close: Aug. 26, 2026, 15:00 CST
EV range
517km
69.2kWh · 150kW
PHEV price
₹2.57m
BaaS: ₹2.18m
SAIC close
CN¥10.39
▲ 0.78%
Two electrified offers
| Metric | EV | PHEV |
|---|---|---|
| Battery | 69.2kWh | 20.5kWh |
| Electric range | 517km | 115km |
| Combined range | — | 1,100km+ |
| BaaS rental | ₹4.90/km | ₹3.20/km |
| Delivery start | September | November |
Upfront discount versus recurring cost
EV BaaS cuts entry cost 28.2%; PHEV BaaS cuts it 15.2%. At 10,000km per year, rentals add ₹49,000 and ₹32,000.
SAIC / India financial bridge
| JSW MG 2025 sales | 70,500 vehicles |
| Growth vs. 2024 | +15.6% |
| Current annual capacity | 120,000 |
| Planned annual capacity | 300,000 |
| Planned investment | $330m–$440m |
| FY2025 venture loss | $121m |
One percentage point of planned capacity equals 3,000 vehicles. Tomahawk needs sustained deliveries to raise utilization and dilute fixed costs.
SAIC market snapshot
| Close / daily move | CN¥10.39 / +0.78% |
| Volume | 32.57m shares |
| Market value | CN¥117.79bn |
| Trailing revenue | CN¥655.8bn |
| Trailing net income | CN¥10.11bn |
| Trailing P/E | 11.6× |
| Next earnings date | Aug. 29, 2026 |
What to watch
| Checkpoint | Timing | Signal |
|---|---|---|
| EV registrations | September | Search interest converting into paid deliveries |
| PHEV handovers | November | Demand for long-range hybrid packaging |
| Localization | 2026–2027 | Lower FX and freight exposure |
| Capacity ramp | Multi-year | Utilization against 300,000-unit target |
Bull case
- BaaS lowers the upfront barrier without eliminating lifetime revenue.
- ADAPT spreads engineering across EV and hybrid variants.
- India vehicle sales can grow into planned capacity.
Risks
Introductory prices cover limited volumes. Rentals may deter high-mileage drivers. Domestic rivals, charging gaps, continuing venture losses and India-China investment restrictions can slow returns.
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