By MG Motor India is among the first manufacturers to tap into the electric vehicle segment with the ZS EV. It has been a huge success for the company as they introduced an updated SUV version with a bigger battery pack and better range. Then the company followed up with the Comet EV which is one of the most affordable electric vehicles currently on sale in India. However, the growth has been hampered as the government didn’t allow its parent company SAIC to make the next round of investments for the development of future models.
Finally, the company has partnered with JSW as it acquired a 35% stake in MG Motor India through a strategic joint venture with SAIC Motor. The collaboration aims to propel the transformation and expansion of MG Motor in the Indian market as they have been trying to get fresh investments for some time now. The Shareholder Agreement and Share Purchase & Share Subscription agreement were formalized by SAIC Motor’s President, Wang Xiaoqiu, and JSW Group’s Parth Jindal at the MG Office in London.
According to new reports, the company is planning to introduce a new model in India and it is going to be an electric car. This will be the third electric product in MG’s portfolio but the British manufacturer hasn’t confirmed the model and it is expected to be introduced in the second half of this year. Most of the competitors are also planning to introduce new electric vehicles in India. Last year the company sold around 60,000 units and they are expecting the number to grow significantly this year while the majority of the volume might come from electric vehicles.
