MG Motor unveils future plans; 5 new EVs by 2028
What's the story
MG Motor is now planning to expand its all-electric portfolio, after the successful launch of India's cheapest EV, the Comet EV. The company is set to introduce five new models on our shores in the next five years. The brand is also aiming to increase its production capacity here from 1,20,000 units to 3,00,000 units by 2026, of which, 30-35% will be EVs.
Context
Why does this story matter?
While MG Motor has been a force to reckon with in the Battery Electric Vehicle (BEV) segment in various global markets, it was unable to make its mark in India. This was primarily due to the higher price tag of its ZS EV model. However, things have now changed for the carmaker, with the launch of the affordable city roundabout, the Comet EV.
About
Firstly, let's have a look at the MG Comet EV
MG Comet EV has a closed-off grille, dual-projector LED headlights, 12-inch steel wheels with designer covers, and squared-out LED taillights. Inside, the spacious cabin has four seats, a dual-tone dashboard with soft-touch materials, and a dual 10.25-inch screen setup. It is powered by a single motor (41.4hp/110Nm) linked to a 17.3kWh battery. The EV promises a range of about 230km on a single charge.
Expansion
MG Motor is planning to introduce five new EV models
To further push electric mobility in India, MG Motor is planning to expand its all-electric portfolio with five new models in the next five years. To facilitate this, the carmaker is gearing up to establish a second manufacturing facility in Gujarat. With the launch of all planned models, the company aims to achieve 65-75% of total sales from its EV portfolio on our shores.
Investment
The company plans to invest Rs. 5,000 crore till 2028
With an overall positive response to the Comet EV, MG Motor is now gearing up to invest close to Rs. 5,000 crore for the expansion of the EV line-up in India. The Shanghai Automotive Industry Corporation (SAIC) Motor-owned carmaker plans to increase production capacity from 1,20,000 units to 3,00,000 units by 2026. This move will create nearly 20,000 direct and indirect jobs by 2028.
Indianization
MG Motor to become 'Indian' in the next 4 years
Rajeev Chaba, CEO emeritus of MG Motor India unveiled plans to 'Indianise' operations of the brand in a span of four years. SAIC Motor is looking to dilute its stake by selling shares to various Indian entities. The carmaker is also gearing up to launch an Initial Public Offering (IPO) by 2028, as it will be largely profitable from next year onward.