During the initial six months of 2024, MG Motor India generated 33 percent of its overall sales from electric vehicles. By the end of the decade, the company aims to achieve sales of one million new energy vehicles in India.
In the first half of the year, MG Motor sold 3,957 units of the ZS EV and 5793 units of Comet EV. The sales saw a near-doubling from January to March to April to June.
In June, for the first time, ZS EV’s sales surpassed those of the Tata Nexon EV, reaching 969 units. Also, MG Motor’s EV sales in June experienced a year-on-year growth of about 21%. Meanwhile, Tata Motors witnessed a decline of 20% in their electric car sales.
According to the company, EVs such as the ZS and Comet constituted 33% of MG India’s overall sales in H1CY2024. By June, the proportion of electric vehicles in total sales reached 40%.
Chief Commercial Officer of BYD India Satinder Bajwa said:
There lies a huge opportunity to shape a sustainable and conducive future for our country, and EVs could be the primary usage car in India.
MG Motor Presence in India
MG Motor made its debut in the Indian market in 2019. It currently offers a lineup of five models, featuring two electric vehicles. The portfolio includes internal combustion engine models such as Astor, Hector, and Gloster, alongside electric models like the Comet EV and ZS EV.
With the ZS EV, the Chinese automaker positioned itself as one of the pioneering passenger car manufacturers to launch electric vehicles in India. This initial advantage allowed the company to capture a substantial portion of the EV market. However, its general market share in the passenger vehicle segment remains between 1% to 2%.
Expansion Plans
The brand in India is currently under the management of JSW MG Motor India. It is a recently established collaboration between the JSW Group and SAIC-owned MG Motor. This joint venture aims to sell one million new energy vehicles (EVs and PHEVs) by 2030.
Furthermore, they want to introduce two new electric vehicles on the E260 EV platform. It will probably include a five-door SUV and a compact MPV. These upcoming models will have a price tag below Rs 15 lakh. Also, they will compete directly with the Tata Tigor X-Pres T EV and BYD’s E6 MPV in the market.
Additionally, MG Motor India is extending its presence into tier 3 and tier 4 cities, as well as rural markets. It aims to establish 100 new touchpoints by the end of 2024. Moreover, by March 2025, the company intends to have a total of 520 touchpoints spanning 270 cities nationwide.
