MG Motor to Introduce Five New Cars in Next 12 Months

MG Motor, backed by new funds and a local JV partner, will launch five new products in India within the next 12 months.

The first, an electric CUV, will debut in September or October 2024. Three products will target the mass market, and two will cater to the premium segment.

Rajeev Chaba, chairman emeritus of MG Motor India, announced that five new products have been approved by the JV for launch within the next year.

The first, a feature-rich CUV with SUV capabilities, will launch during the festive period.

Partnering with the JSW Group, MG Motor plans to increase its production capacity from 100,000 to 300,000 units in the next three to five years.

Rajeev Chaba also said that they are establishing a second plant in Halol, Gujarat, to support this growth. The JV, ‘JSW MG Motor India Pvt Ltd,’ was finalised in March by JSW Group and China’s SAIC Motor, involving an investment of ₹5,000 crore.

Despite market fatigue, Chaba is optimistic, as he projected PV sales growth of 7-8% this year, driven by festivals and new launches. He also forecasts EV sales to reach 120,000 units this year, up from 90,000 last year.

Chaba called for incentives for strong plug-in hybrids and an updated tax structure for PVs, reflecting environmental impact and localisation levels.

He warned of high inventory levels at dealer showrooms, with MG’s dealer inventory at 35-40 days, compared to the industry average of 60-65 days.