SAIC's MG brand launches new EV leasing offer in France

MG Motor, a unit of Chinese automaker SAIC Motor, announced a new leasing offer whereby drivers in France can get for 99 euros ($107.6) a month the MG4 electric car, matching a program the French government would like to use to benefit cars made in Europe.

The promotion runs from July 1 through August 31 and is offered in conjunction with MG Motor's French banking partner, Credit Agricole Consumer Finance.

It is based on consumers qualifying for 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 older internal combustion engine vehicle.

MG Motor's offer comes as major automakers around the word compete in the growing EV market, which is forecast to grow rapidly as customers ditch older models to protect the environment.

MG calls the promotion a "social leasing" offer, in reference to the plan the French government is working on to make EVs more affordable. It has been delayed several times because French authorities fear it would benefit mainly 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 market, such as the Citroen e-C3 from Stellantis and the Renault R5.

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