JSW MG Motor India has announced an industry-first initiative to make electric vehicle ownership more predictable and stress-free, becoming the first automotive brand in the country to extend the guaranteed buyback period for electric vehicles to five years from the existing three years. The new ‘Guaranteed Buyback’ scheme guarantees a fixed resale value at the end of a selected ownership period, addressing one of the biggest concerns for potential EV buyers – long-term value and depreciation.
Under the enhanced plan, MG EV customers can now opt for guaranteed resale value after three, four or five years depending on the chosen plan. This builds on the company’s previous commitment to buy back 60% of the shares after three years and operates independently of any financial or lending programs. Even existing MG ZS EV owners are eligible, as long as their vehicle is not more than three years old or the mileage is within the stipulated annual limit, a first in the country.
Speaking on the initiative, Mr. Anurag Mehrotra, Managing Director, JSW MG Motor India said that the plan reflects the brand’s continued focus on customer-centric innovation. He noted that resale value remains a key hesitation issue for many EV buyers, and the MG Value Promise program gives customers peace of mind by allowing them to choose a tenure of three to five years with a guaranteed resale value. The initiative is expected to enhance trust in electric vehicles and support wider adoption of electric vehicles in India, he added.
The program provides customers with the flexibility at the end of the tenure to choose to keep the vehicle, surrender the vehicle or upgrade to a new MG model. By reducing the uncertainty of depreciation, the initiative also makes it easier for customers to plan for future upgrades while enjoying greater financial predictability during ownership.
The guaranteed buyback scheme is promoted by Lockton India Insurance Broking and Advisory Ltd in partnership with Zuno General Insurance. Shanai Ghosh, Managing Director and CEO of Zuno General Insurance, said the partnership is in line with the insurance company’s vision to build a future-proof, digital-first EV insurance portfolio that simplifies and secures long-term EV ownership.
Mr. Sandeep Dadia, CEO and Country Head, Lockton India said that as EV adoption accelerates, customers are looking for greater clarity and confidence in ownership outcomes. The extended guaranteed buyback program is designed to deliver predictable value in a transparent manner, helping customers plan their EV journeys with greater certainty, he added.
As India’s EV ecosystem continues to evolve, supported by improved infrastructure, technological advancements and rising consumer awareness, initiatives such as MG’s extended guaranteed buyback are expected to play a key role in lowering barriers to EV adoption and boosting confidence in EVs in India.