MG Motor Says EVs Will Make Up Quarter of Sales in 2023, Evaluating Launch of MG4 Hatchback eHS Hybrid SUV

MG Motor reportedly plans to raise funds to develop its Indian electric mobility business amid increased scrutiny of Chinese investments.

MG Motor Says EVs Will Make Up Quarter of Sales in 2023, Evaluating Launch of MG4 Hatchback eHS Hybrid SUV

Photo Credit: Reuters

MG Motor India's manufacturing facility in Gujarat has annual production capacity of 125,000 vehicles

Highlights
  • MG Motor has around 1 percent share of India's passenger vehicles market
  • The Indian government has has sought to limit investments from Beijing
  • MG had entered India in 2019 with plans to invest about $650 million
Advertisement

MG Motor India, owned by China's SAIC Motor, expects electric vehicles (EV) to account for at least a quarter of its sales in India in 2023, the automaker said during the country's biennial auto show on Wednesday. "At the end of this year, 25 to 30 percent of our sales will be all-electric,” Managing Director Rajeev Chaba said, adding that it is evaluating the launch of the MG4 electric hatchback and eHS plug-in hybrid SUV in India, which were unveiled at the event. MG Motor has just over a 1 percent share of India's passenger vehicles market, where it sells the ZS EV SUV.

SAIC Motor has previously said that it has a wide portfolio of new energy vehicles (NEVs), which include electric, hybrid and fuel cell cars, which MG can choose from to sell in India.

MG Motor plans to raise funds to develop its Indian electric mobility business, Reuters reported in March, amid increased scrutiny of Chinese investments by New Delhi.

MG entered India in 2019 with plans to invest about $650 million (roughly Rs. 5,300 crore) but New Delhi has sought to limit investments from Beijing after a 2020 clash between soldiers from the two countries on their disputed Himalayan border.

Investment proposals worth millions of dollars from China, including from SAIC, are awaiting Indian government approval.

India's tighter scrutiny led China's Great Wall Motor to shelve plans to invest $1 billion (roughly Rs. 8,200 crore) and lay off all employees in the country, after New Delhi denied regulatory approval for the purchase of a factory.

In November the Indian government sent a notice to MG Motor asking why the company made losses in 2019-2020, its first year of operations in the country.

MG Motor India has a manufacturing facility in Halol, Gujarat, with an annual production capacity of 125,000 vehicles.

© Thomson Reuters 2023


How does the Redmi 12 Pro+ fare against its competitor, the Realme 10 Pro+ 5G? Is it a worthy successor to the Redmi Note 11 Pro+ 5G? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: MG Motor, Auto Expo, Auto Expo 2023
Samsung Galaxy S23 Ultra Leaked Teaser Reveals Powerful 200-Megapixel Low-Light Camera
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »