Amid a glut of EV supply, one car maker decided to become the cheapest

Two months ago, seeing a wave of electric vehicle supply wash over the market, carmaker MG decided on an aggressive course of action – slashing the price of one of its models by almost one quarter.

It is not the only electric vehicle maker dropping prices. Elon Musk’s Tesla has been reducing the price of its cars for 18 months. But it has been the most aggressive, slicing $10,000 from a $43,000 electric hatchback. That puts the MG4, a full-battery electric vehicle, well below Tesla’s Model 3, the most affordable in the range which costs close to $60,000.