MG Motor India has released its sales figures for the fiscal year 2023. The company’s retail sales stood at 56,902 units, representing an 18% increase over the same period in 2022. MG Motors witnessed a solid mix of ICE and EV sales and went on to become the second-largest EV seller in India in the passenger vehicle segment after Tata Motors.
MG Motor India reported December 2023 sales of 4,400 units, up 13% year on year from the same month in 2022. MG reported that the automaker achieved a superior year-on-year growth rate of 18% for CY2023, compared to the industry average of 8-9%. The carmaker also stated that electric vehicles accounted for approximately 25% of overall sales.
MG Motors EV Sales
MG has been selling the ZS EV for several years, and the more economical Comet EV was introduced early this year. According to the firm, it has sold approximately 20,000 EVs in the country to date, demonstrating a solid acceptance of its electric car lineup.
Premium models such as the Astor, Hector, Hector Plus, and Gloster SUVs fuel MG Motor India’s sales. The Comet EV was introduced as the brand’s most affordable product, with a starting price of Rs. 7.98 lakh (ex-showroom). The corporation is likely to be aggressive in the electric mobility area in the coming years, with up to seven new launches planned over the next few years, some of which will be electric. In addition, the manufacturer has been aggressively engaging with auxiliary partners to establish charging infrastructure to enable EVs.
In 2023, MG’s ownership in India changed dramatically, with the JSW Group acquiring a 35% interest through a joint venture with its Chinese parent SAIC. The new funding should help speed growth and expansion ambitions, such as the introduction of new products and the establishment of a new manufacturing factory in Gujarat, in addition to the brand’s existing facility in the same region. More announcements from MG Motor India are expected later this year.
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