MG is out to prove that electric performance cars don't have to cost a fortune with its MG 4 Xpower. The car was revealed this week and is already available to order in markets where the brand operates.

The MG 4 Xpower is an electric hot hatch based on the standard MG 4 that debuted last year, and it packs a peak output of 429 hp, or enough for 0-62 mph acceleration in 3.8 seconds.

The output, generated by a dual-motor all-wheel-drive powertrain, also makes the the MG 4 Xpower the most powerful production MG to date. That title won't stick long, though, as MG will launch the Cyberster electric roadster next year, and it's coming with up to 536 hp.

The MG 4 Xpower is priced to start at a reasonable 36,495 British pounds in MG's home market of the U.K., which translates to approximately $46,500 at current exchange rates. That's impressive considering the performance on offer and the additional upgrades MG's engineers have made to ensure the car isn't just quick in a straight line.

2024 MG 4 Xpower

2024 MG 4 Xpower

MG said the car also benefits from a series of suspension upgrades, including recalibrated spring and damper tuning and stiffer anti-roll bars. The changes result in overall suspension stiffness rising about 25%. MG's Dynamic Cornering Control System, which combines an electronic locking differential with torque vectoring of the electric motors, also aids handling.

The steering and braking systems were also tweaked to deliver improved performance. In the case of the latter, stopping power comes from 13.6-inch ventilated rotors at all four corners. MG said the MG 4 Xpower requires just 111 feet to stop from 62 mph. The brakes reside within 18-inch wheels wrapped in Bridgestone Turanza tires.

No range figure has been announced, but the standard MG 4's range tops out above 250 miles, thanks to a 64-kwh battery.

MG will present the MG 4 Xpower for the first time at the 2023 Goodwood Festival of Speed, which starts July 13. The automaker will also use the U.K. event to show off a time-attack special based on the car.