Shanghai Automotive Industry Corporation (SAIC) brand MG plans to revive and strengthen its position in the Indian automotive industry.
It is reported that MG Motor is set to add two new electric vehicles based on the E260 EV platform: a five-door SUV and a compact MPV, with both likely to be positioned below Rs 15 lakh. gaurav Gupta, Deputy Managing Director of MG Motor India stated, "We are bringing two new cars during the second half of this year and one of them is an EV.”
MG’s new Wuling Cloud EV
According to sources, MG's upcoming electric MPV is expected to be launched in the coming years and will be based on the Wuling Cloud EV, which is currently offered for sale in Indonesia. With a wheelbase of 2,700mm, it is slightly longer than the Renault Triber (2,636mm) and slightly shorter than the Maruti Ertiga (2,740mm). Its length is approximately 4.3 meters. The three-row EV is intended not only for families but also for the fleet market.
There are a few MG vehicles available in the fleet market, but the Tigor X-Pres T EV from Tata Motors and the BYD E6 MPV are the market leaders. Just 10–15% of the market, which has an annual production of 81,000 units, is dedicated to fleet space. MG hopes that the new MPV and SUV will fill in important gaps in its lineup and attract more customers in the Rs 15 lakh to Rs 20 lakh price range, which is starting to become a nice sweet spot in the market.
MG’s Market Expansion plan
In May 2023, MG Motor India's CEO Emeritus Rajeev Chaba presented the company's 2.0 and 3.0 strategies along with its long-term plan for India in Delhi. The company had declared that it was in the process of localizing its supply chain, changing ownership and board composition, and expanding its manufacturing footprint in India.
With five models in its lineup, MG Motor currently holds a 1% market share in the fiercely competitive Indian market. Every month, the company sells 5,000 units, with EVs making up 10–20% of total sales, depending on the month. Nearly half of MG's overall sales, the company predicts, will come from electric vehicles in the upcoming years. The company even mentioned that it is considering assembling batteries locally at its Halol factory. Additionally, MG is considering purchasing more land outside of Vadodara to nearly double its capacity and produce over 3 lakh units annually.
MG’s Launch Plan
This electric MPV is expected to make its debut at the end of this year, if all goes according to plan, and it will appeal to families. Additionally, it will receive FAME benefits from the Indian government.
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