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Buoyed by a fresh fund infusion from the JSW Group, MG Motor – owned by Shanghai Automotive Industry Corporation (SAIC) – is set to revamp its electric vehicle portfolio in the country and challenge Tata Motors with a big focus on mass-market products. Sources say 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.
MG Motor has witnessed a few ups and downs with its EVs in India; the ZS EV got off to a decent start, but the Comet EV is seen as a niche product. With these two new offerings, the British brand is aiming for a bigger share by challenging the segment leader.
Also See: MG readying a new global midsize car, SUV platform; will come to India
MG’s new MPV for India to be based on Wuling Cloud
MG's new electric MPV will be based on the Wuling Cloud EV, which is currently sold in Indonesia, and sources add that is likely to hit the road within a years’ time. It is around 4.3 metres long and has a wheelbase of 2,700mm, which is slightly shorter than the Maruti Ertiga's 2,740mm and a tad more than the Renault Triber (2,636mm). Apart from catering to families, the three-row EV will also be aimed at the fleet segment.
A few MG models are seen in the fleet market, but it's dominated by Tata Motors' Tigor X-Pres T EV and the BYD E6 MPV. MG wants the new MPV and SUV to bridge critical gaps in its portfolio and expand its customer base around the Rs 15 lakh price point, which is becoming a nice sweet spot in the market.
The SUV will be a 5-door rugged vehicle on the lines of the Maruti Jimny and will be based on the Baojun Yep Plus SUV, as we've reported earlier.
MG Motor India market share
MG Motor today has a market share of about 1 percent in a highly competitive Indian market with five models in its portfolio. It sells 5,000 units per month, with EVs accounting for 10-20 percent of its total sales, depending on the month. MG has predicted that almost 50 percent of its total sales will come from EVs in the coming years, with the company even adding that it is looking at local assembly of batteries at its factory in Halol. MG is also looking at additional land on the outskirts of Vadodara to almost double its capacity to over 3 lakh units per annum.
Rajeev Chaba, the CEO Emeritus of MG Motor India, had shared the company's long-term plan for India with its 2.0 and 3.0 strategy in Delhi in May 2023. The company had announced that it was in the process of Indianising itself across various aspects, including ownership, board structure, manufacturing footprint and localising of supply chain.
MG JSW partnership
Chaba had said that the 2.0 plan was for the 2023-2025 period, which aimed at expanding its manufacturing capacity from 70,000 units per annum to 1.2 lakh units. Its India 3.0 plan entailed expanding production from 1.2 lakh units to 3 lakh units once a new investor is brought on board. Consequently, in November 2023, SAIC – MG Motor India’s parent – and JSW had entered into a strategic JV, and we had exclusively reported on this potential partnership back in April 2023.
In a joint statement post announcement of the partnership, both companies had said that they will pool in resources in the field of automobiles and also undertake multiple new initiatives, including augmenting local sourcing, improving charging infrastructure, expansion of production capacity and introducing a broader range of vehicles with a focus on green mobility.
According to the agreement, JSW will have a 35 percent stake in the Indian JV operations, while SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions with an unwavering focus on the Indian consumer.
With the infusion of funds by the JSW Group, the exact contours of its future plans are likely to be revealed in a couple of days. So stay tuned for more detailed plans from the British brand.
Also See:
MG trademarks Excelor EV nameplate in India
Skoda Epiq electric concept revealed; to be its entry-level SUV
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