SAIC's MG Motor brand launches new electric vehicle leasing offer in France

investing.com:

PARIS (Reuters) — MG Motor, owned by Chinese company SAIC Motor, on Friday announced a new leasing offer whereby drivers in France can get for 99 euros ($107.6) a month its MG4 electric car, matching a scheme the French government would like to see benefiting cars made in Europe.

The offer runs from July 1 through to August 31 and is done in conjunction with MG Motor's French banking partner Credit Agricole (OTC:CRARY) Consumer Finance. It is based on people getting a «super bonus» incentive of 7,000 euros for low income buyers and also includes a 2,500 euros public aid paid in exchange for scrapping an old thermal engine car.

MG Motor's offer comes as major car companies from around the word compete in the electric car market, which is forecast to grow rapidly as customers ditch older models given current trends to protect the environment.

The brand calls it its own «social leasing» offer, in reference to a scheme the French government is working on to make electric vehicles more affordable. It has been delayed several times because the French authorities fear it would benefit mainly to Asian brands.

According to a government source, it should be unveiled later this year and implemented in 2024, when the first European made affordable electric cars will come to the market, such as the Citroen e-C3 from Stellantis and the Renault (EPA:RENA) R5.

The MG4, imported from China, was ranked as the 5th most sold EV in France in May, according to the French electric mobility association Avere-France.

($1 = 0.9199 euros)