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Upcoming MG Electric SUV Will Carry A Price Tag Of Under Rs 10 Lakh – Check Out All Details Here
In a significant move to expand its electric vehicle (EV) portfolio in India, MG Motor is all set to introduce a new electric SUV to the market, marking its third EV offering. Having made its mark with the Hector in 2019, MG Motor India has since been a key player in the country's automotive sector.
Currently, the brand boasts models like the ZS EV and Comet in its electric car lineup. With the festive season on the horizon, this upcoming launch represents a strategic push by MG to capitalize on the growing Indian economy and the rising interest in electric vehicles among consumers.
Rajeev Chaba, the Managing Director of MG Motor India, confirmed the launch of a new electric car slated for later this year. This announcement comes at a time when electric vehicles, constituting around 2% of all passenger vehicle sales in India, are expected to see a significant uptick in demand.
Industry experts predict EV sales could reach 15% to 20% of the market by 2030. MG's forthcoming electric SUV is anticipated to play a crucial role in achieving this growth, further strengthening MG's position in the Indian automotive sector.
MG Motor India, a subsidiary of SAIC Motor, has been focusing on expanding its electric vehicle lineup as part of its growth strategy in India. The addition of a new electric SUV is set to increase EVs' contribution to MG's sales volumes, which currently stands at 25%.
This move is backed by an increase in production capacity at MG's Halol plant in Gujarat, with projections indicating a rise to 80,000 to 90,000 units by 2024. The strategic joint venture between SAIC Motor and JSW Group, with the latter holding a 35% stake, further bolsters MG's expansion plans.
Looking ahead, MG Motor India aims to double its vehicle portfolio by the end of 2025. Among the potential candidates for this year's launch, as showcased at the 2023 Auto Expo, are the MG4 electric hatchback, MG5 electric estate car, and Mifa 9 electric MPV.
However, the Baojun Yep eSUV emerges as a strong contender, given its design aesthetics and affordability. Based on the Wuling Air EV, which was introduced in India as the Comet, the Baojun Yep eSUV could resonate well with Indian consumers' preferences and purchasing trends.
MG Motor India's strategic initiative to launch a new electric SUV highlights the company's commitment to contributing to the electrification of India's automotive market. With its blend of premium offerings, attractive pricing, and enhanced manufacturing capabilities, MG is poised to cater to the evolving needs of the Indian consumer while steering towards a greener future.
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