New Delhi, Dec 10 (IANS): Automaker MG Motor India said that it will "drive" an electric vehicle priced between Rs 10-15 lakh by the end of the next fiscal.

At present, the company sells electric SUV 'ZS EV' which is available in two variants, priced at Rs 21 lakh and Rs 24.68 lakh (ex-showroom). It plans to launch an electric crossover vehicle based on a global platform but customised for the Indian market as its next new product.

"Our next product after SUV Astor, we have been thinking about an EV and now we have been very encouraged with the absolute clarity from the government side that the EV is the way to go," MG Motor India President and Managing Director Rajeev Chaba said.

"We have taken the decision that we are going to introduce an EV by the end of next financial year."

On the expected price, he said it will range from Rs 10 lakh to Rs 15 lakh and will target the mass segment of personal electric mobility.

"It is actually a kind of a crossover and this is going to be based on a global platform, which we are going to develop and this will be an EV for mass market for all the emerging markets including India.

"We will customise this car for the range and the Indian regulations and customer taste. It will be specially tailored for India. We will start working on it right now."

Besides, he said in order to meet the government's guidelines for the production linked (PLI) scheme for the auto sector, MG Motor India will localise a lot of parts for its next EV.

These would include battery assembly, motors, and other parts.

Currently, the company offers Hector, ZS EV, and Gloster.