MG Motor India has reported robust sales performance during the first half of 2023. The carmaker sold over 29,000 vehicles in India, which marks a significant 21 per cent growth compared to the 24,000 units sold in the same period the previous year.
The company attributes this impressive growth to the successful launch of the Next-Gen variant of India’s first internet SUV, the MG Hector, in January. Additionally, there has been strong demand for their flagship electric vehicle, the MG ZS. This has also contributed substantially to the overall sales increase. Notably, the company achieved its highest retail sales of 6,051 units in March 2023. Thus demonstrating the popularity of its offerings in the Indian market.
Beyond India, MG Motor has been experiencing tremendous success in the European market as well. It recorded a staggering 143 per cent year-on-year increase, with a total of 115,000 vehicles sold. Electric vehicles (NEVs) played a crucial role in the company’s overall sales. They constituted over 50 per cent of their total sales in the first half of the year. The European market has seen consistent monthly deliveries of MG vehicles exceeding 20,000 units for four consecutive months. This highlights the brand’s strong presence and growing popularity in the region.
To sustain this growth trajectory and enhance business operations, MG Motor India recently unveiled its 5-year business roadmap. The company plans to invest a substantial sum of USD 100 million to expand its production capacity at its existing facility in Halol, Gujarat. By doing so, they aim to increase production capacity from 1.2 lakh units to 1.4-1.5 lakh units this year. This will happen primarily through a debottlenecking exercise. This capacity expansion will cater to their requirements for the next few years.
MG Motor India’s business roadmap also underscores its commitment to electric mobility. As a part of the investment, it will aim towards expanding its product portfolio in the electric vehicle segment. By strategically focusing on EVs, the company aims to capitalise on the growing demand for electric vehicles and strengthen its position in the sustainable mobility market.
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