Considering the prospective vehicles from SAIC Group’s global portfolio, Baojun Yep eSUV under MG brand might be the best bet for India
Having marked its entry into the Indian market with the launch of Hector in 2019, MG Motor has established itself as a prominent player. With a lineup of premium and well-crafted vehicles, MG Motor India has been actively participating in the electric car segment, currently offering ZS EV and Comet. As the festive season approaches, MG is gearing up to introduce its third electric vehicle to the Indian market.
Confirmation of MG’s 3rd Electric Car Launch
Against the backdrop of a growing economy, Indian consumers are increasingly inclined towards enhancing their car ownership experience. Electric vehicles, offering lively performance and aligning with eco-conscious preferences, have garnered attention. Currently constituting around 2% of all passenger vehicles sold in India, EVs are anticipated to exhibit significant growth in the coming years.
Industry speculations suggest that EV sales may account for approximately 15% to 20% of the market by the end of the decade. Recognizing this trend, many Indian original equipment manufacturers (OEMs) are gearing up to introduce new vehicles, particularly electric ones, across various segments. MG Motor is no exception.
Rajeev Chaba, MD of MG Motor India, has officially confirmed that the company is set to launch a new electric car later this year. This marks a significant stride for MG Motor in its expansion efforts in India, potentially being the first vehicle under MG branding following the strategic joint venture between SAIC Motor (parent company of MG Motor) and JSW Group led by Sajjan Jindal.
Presently, EVs contribute to 25% of MG Motor India’s sales volumes. The upcoming electric vehicle launch is expected to further boost this share. MG aims to leverage its manufacturing capabilities, pricing strategies, and overall product expertise for this new electric offering.
There are indications of a potential increase in production capacity at MG’s Halol plant in Gujarat. With around 60,000 vehicles sold in India last year, the production capacity is projected to expand to 80,000 to 90,000 units in 2024. The infusion of capital from JSW Group, holding a 35% stake, is expected to provide MG with the necessary impetus to expand its operations in India.
What to Expect?
MG Motor India is set to double its portfolio by the end of 2025, with a new electric vehicle slated for launch during the festive season of 2024. Considering the showcase at the 2023 Auto Expo, potential vehicles for launch this year include the MG4 electric hatchback, MG5 electric estate car, or Mifa 9 electric MPV.
Given India’s electric vehicle purchasing trends and preferences, there is a strong possibility of MG launching the Baojun Yep eSUV in India. Based on the Wuling Air EV, introduced in India as the Comet, its attractive design and relatively affordable price tag could prove to be a winning formula for MG Motor India.
