MG Motor India predicts EVs to make up 25% of its sales in 2023 – EQ Mag
MG Motor India, an automobile company owned by 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 percent of our sales will be all electric,” says Rajeev Chaba, Managing Director, MG Motor. He added that the company 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 one 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 Motor entered India in 2019 with plans to invest about $650 million 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.
MG Motor India has a manufacturing facility in Halol, Gujarat, with an annual production capacity of 125,000 vehicles.
MG Motor India on Sunday has reported a 53 percent growth in retail sales at 3,899 units in December 2022. The company sold 2,550 units in the same month of 2021.
Speaking on the challenges, the twin challenges of the pandemic and logistical headwinds have had an impact on production, but the coming month could see an improvement across many of these parameters, the company said in a statement.
The automaker said that it continues to foster EV adoption in the country in the form of multiple industry partnerships such as those for charging station installations with JioBP and BPCL.
Source: PTI
