MG Motor India Proposes New EV MPV And SUV Under Rs 15 Lakh

- Advertisement -

The new MG electric MPV is expected to be launched within a year, potentially by the end of 2024, and no later than March 2025, if everything proceeds as planned.

Following a fresh investment from the JSW Group, MG Motor, a British brand owned by SAIC, is gearing up to enhance its electric vehicle offerings in India and compete with Tata Motors by focusing on mass-market products. According to sources, MG Motor plans to introduce two new electric vehicles based on the E260 EV platform, which will include a five-door SUV and a compact MPV, both expected to be priced below Rs 15 lakh. While the ZS EV had a decent start, the Comet EV has seen limited acceptance in niche segments. With these new models, MG aims to make a significant impact in the market by challenging the leading brands.

The upcoming MG electric MPV, set to launch within a year, is anticipated to be available before the end of 2024 or by March 2025 at the latest. This MPV will be based on the Wuling Cloud EV, which is currently sold in Indonesia. It measures approximately 4.3 meters in length and has a 2,700mm wheelbase, slightly shorter than the Maruti Ertiga and slightly longer than the Renault Triber. This three-row EV will target both family buyers and the fleet segment, benefiting from the Government of India’s FAME scheme.

- Advertisement -

The fleet market, currently underexplored, accounts for only 10-15% of the approximately 81,000 units per annum market. MG’s new MPV and SUV aim to fill gaps in its portfolio and expand its customer base in the around Rs 15 lakh segment, which is becoming increasingly popular among upgraders. The new SUV, expected to launch within three to six months of the MPV, will be a rugged five-door vehicle similar to the Maruti Jimny and based on the Baojun Yep Plus SUV.

MG Motor currently holds about a 1% market share in the competitive Indian market, with five models in its portfolio and monthly sales of around 5,000 units, of which EVs make up 10-20%. The company expects EVs to account for nearly 50% of its total sales in the coming years and plans to locally assemble batteries at its Halol factory. MG is also considering acquiring additional land near Vadodara to double its capacity to over 3 lakh units per annum.

Rajeev Chaba, CEO Emeritus of MG Motor India, outlined the company’s long-term plan for India with its 2.0 and 3.0 strategies in May 2023. The 2.0 plan involves expanding capacity from 70,000 units per annum to 1.2 lakh units, while the 3.0 plan aims to further increase capacity to three lakh units. In November 2023, SAIC and JSW entered a strategic joint venture. The partnership aims to enhance local sourcing, improve charging infrastructure, expand production capacity, and introduce a wider range of green mobility vehicles. Under the agreement, JSW will hold a 35% stake in the Indian JV operations, with SAIC continuing to support the venture with advanced technology and products. Further details on MG Motor’s future plans are expected to be revealed soon.

The recent announcement by Maruti Suzuki about launching its electric vehicles (EVs), coupled with the government’s new EV policy, could indeed be a significant development in the Indian automotive market. The new EV policy is likely to offer incentives and support to both manufacturers and consumers, which could help reduce the cost of electric vehicles and make them more affordable. This move is expected to accelerate the adoption of EVs in India, contributing to the country’s efforts towards sustainable transportation and reducing carbon emissions.

For companies like Maruti Suzuki, this could be an opportunity to expand their product lineup and tap into the growing demand for eco-friendly vehicles. It will be interesting to see how other OEMs respond to these developments and what innovations and pricing strategies they will adopt to compete in the evolving EV market.

- Advertisement -

Most Popular Articles

Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Report Suggests India’s EV Sales Will Surge, Rising 66% In 2024

0
In 2023, sales of electric vehicles (EVs) in India almost doubled due to increased consumer interest, government actions, better infrastructure, and climate change worries....

Ascend Performance Materials: Pioneering Innovation in the Electronics Sector

0
Bridging material advancements in plastics and technological progress, Ascend leads with customised solutions for a safer, reliable and greener tomorrow. Q. How would you explain...

DigiKey Expands Portfolio With 3PEAK

0
This collaboration adds amplifiers, interface components, data converters, and more, catering to industries such as communication, industrial, medical, and automotive.  In a strategic move aimed...

Buzz

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Microsoft’s $1.5B AI Venture In UAE Stirs Global Interest

0
New partnership with G42 promises transformative AI advancements in emerging markets, impacting tech and geopolitics. Microsoft has announced a strategic $1.5 billion investment in UAE-based...

Important Sectors

CleanMax Alliance With Apple To Boost Renewable Energy In India

0
These installations are anticipated to reduce approximately 207,000 tons of CO2 emissions over their operational lifespan. CleanMax announced a significant joint venture with technology giant...

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

Tesla Power, E-Ashwa To Introduce India’s First EV With Fire Safety Tech

0
The partnership also expands to include the provision of after-sales support for electric vehicle customers by establishing a comprehensive network of sales and service...

Elektrobit Introduces EB zoneo GatewayCore Featuring Infineon’s AURIX TC4x

0
The EB zoneo GatewayCore is designed to connect hardware-dependent accelerators with the Classic AUTOSAR framework, providing adaptable support for intricate routing scenarios. Elektrobit, a premier...

Raptee’s Cell Chemistry Extends Battery Life, Says Dinesh Arjun

0
The Co-founder and CEO of Raptee disclosed that the company is currently sourcing its cells from a variety of countries. Dinesh Arjun, the Co-founder and...

Manufacturing

Ramkrishna Forgings To Supply Powertrain Parts To Top US Electric Carmaker

0
Indian producer of rolled, forged, and machined products enter the US electric vehicle market for the first time. Ramkrishna Forgings, an Indian supplier of rolled,...

AVL And Red Bull To Create High-Density Fuel Cell Technology

0
The advanced technology, featuring ultra-high power density and a lightweight design, is said to be two-thirds lighter than traditional fuel cell systems. This partnership...

JJG Aero Secures $12 Million Investment From CX Partners

0
The Bengaluru-based aerospace components manufacturer intends to use the funds primarily to enhance vertical integration, increase production capacity at the new site, and support...

Tata Electronics Finalizes Semiconductor Agreement With Tesla

0
Ashok Chandak, the head of the India Electronics and Semiconductor Association (IESA), highlighted that Tesla’s initiative to establish a network of domestic suppliers for...

Sterling Tools Targets 40% of Sales from EV Business by FY25

0
This increase is anticipated to come from the EV business segment, which is integral to the company's strategy to diversify its operations. With a certain...