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MG Motor India Accelerates EV Expansion: Two New Cars Set for 2024 Debut
The company also has plans to roll out additional products in the Indian market next year. Presently, EVs account for a notable 25%-30% of MG Motor India's total sales in the country.
Dew Briefs:
- MG Motor India to launch two new cars in 2024, including an electric vehicle, to boost EV market share.
- EVs currently make up 25%-30% of MG Motor India’s sales.
- EV industry share expected to double to 4% soon, reaching 6%-7% next year.
Diver Insights:
- Infrastructure, battery tech, and new models to drive EV market growth.
- MG Motor India offers Astor, Gloster, Hector, ZS EV SUVs, and Comet EV.
- Comet EV prices reduced, new fast charging variants introduced.
- SAIC-owned MG Motor India seeks new owner, JSW Group likely.
- Competition Commission approves JSW Ventures’ acquisition of up to 38% of MG Motor India.
- India’s passenger vehicle industry to sell 42 lakh units in FY 2023-24 with single-digit growth.
- MG Motor India aims for 50% gender diversity, can produce up to 1.25 lakh units with multiple shifts.
MG Motor India is gearing up to introduce two new cars in India in 2024, with one of them being an electric vehicle (EV). The company also has plans to roll out additional products in the Indian market next year. Presently, EVs account for a notable 25%-30% of MG Motor India’s total sales in the country.
While electric vehicles constitute only 2% of the overall sales in the automotive industry, industry experts are bullish about their growth prospects. It’s anticipated that the share of EVs will double to approximately 4% in the near future, with further growth forecasted to reach 6%-7% by the following year. This optimistic outlook is driven by factors such as ongoing infrastructure development, advancements in battery technology, and the introduction of new EV models by various automotive brands.
MG Motor made its foray into the Indian market in 2019 and has since offered a diverse range of EVs, including the Astor, Gloster, Hector 5-seater, Hector Plus, ZS EV SUVs, and the Comet EV. Recently, the company reduced the prices of its Comet EV and introduced new variants equipped with fast charging options.
SAIC-owned MG Motor India is exploring options to dilute its majority stake in the company and secure funds for expansion initiatives in India. Reports suggest that the JSW Group is poised to acquire ownership of the automaker, leading to a significant increase in Indian ownership within the company’s top management and board. The Competition Commission of India has granted approval for JSW Ventures Singapore to acquire up to 38% of MG Motor India.
In the fiscal year 2023-24, the passenger vehicle industry in India is anticipated to sell 42 lakh units, with single-digit growth expected on a high base from the previous year. MG Motor is setting its sights on enhancing gender diversity within its workforce and ramping up production capacity to 1.25 lakh units with the implementation of multiple shifts.
