Our Park+ Highlight of the Day includes information on MG India's most recent announcement, wherein it will introduce five new cars to the Indian market, including electric and fuel cell vehicles, and invest Rs. 5,000 crore here for product development and capacity utilisation.
Over the next five years, MG Motor India has promised to introduce up to five new vehicles to the Indian market. The business also disclosed plans to build a second manufacturing facility in the nation that will also include a battery assembly line. Additionally, the automaker announced that it will investigate advancing hydrogen fuel-cell technology and investigate local cell production, either through a joint venture or through third-party manufacturing. MG is also diluting its shareholding, and aims to hand over a majority stake to Indian suitors over the next few years.
The focus of MG’s product roadmap will be on electric vehicles (EVs). This is in line with the company’s global push towards electrification, where the company has launched a number of new EVs across global markets in recent times. According to the company, EVs will account for up to 75 percent of its total sales by 2028 in India. Currently, the company is second in EV sales in India, behind Tata Motors.
The company will invest Rs.5,000 crore in product innovation and capacity expansion. The goal is to centralise its business and generate 65-75% of sales from its electric vehicle portfolio. MG is looking to boost production from 1.2L to 3L per annum, and is planning to build a battery assembly plant, as well as explore cell production and hydrogen cell tech. The new models will be rolled out in tandem with the capacity increase, with a second plant set to be built in Gujarat. MG is currently running out of GM's old Halol plant which will soon be upgraded to 1.2L per annum. The new plant will more than triple MG's production to 3L per year. The carmaker also said they'll be looking at local manufacturing of parts for their future EVs.
At the Auto Expo in 2023, MG showed off some of their new electric models. The new MG 4 hatchback was there to test the waters and see how people felt about electric cars. They also showed off the MG 5 electric estate and the MIFA 9 (Kia's Carnival-sized electric MPV and Marvel R electric SUV). It is unclear if these models will make it to India, but it does seem like a viable option. MG's current-gen electric car, the ZS EV, is coming to an end in the global markets, so they might be planning to launch a new SUV to replace it.
Contest Alert!
It's now time for the contest!
Guess the full name of MG Motor. Watch the Five New MG Cars video and answer the question in the YouTube comment section. The winner gets free petrol coupons from us!
download the Park+ App