Buoyed by a recent fund infusion from the JSW Group, MG Motor – the British model owned by Shanghai Automotive Industry Corporation (SAIC) – is ready to revamp its electrical automobile play within the nation and problem Tata Motors with a giant deal with mass market merchandise. Sources say MG Motor is ready so as to add two new electrical automobiles primarily based on E260 EV platform that can churn out a five-door SUV and compact MPV, that are more likely to be positioned beneath Rs 15 lakh.

The EV play from MG Motor has witnessed a number of ups and downs with the ZS EV getting off to a good begin, however its Comet EV is seeing acceptances solely in area of interest segments. With the 2 new choices, the British model is aiming for an even bigger play by difficult the section chief. 

MG’s new MPV for India to be primarily based on Wuling Cloud

The new MG electrical MPV is more likely to hit the street inside a yr, and if all goes effectively, the mannequin might be launched earlier than the top of 2024, however not later than March 2025, added sources. This new MPV might be primarily based on the Wuling Cloud EV, which is offered in Indonesia in the intervening time. It is round 4.3 metres lengthy and has a wheelbase of two,700mm, which is barely shorter than the Maruti Ertiga (2,740mm) and a tad greater than the Renault Triber (2,636mm).  Apart from catering to household consumers, the three-row EV might be aimed on the fleet section too, which additionally enjoys the FAME profit from the Government of India.

Tata Motors has the Tigor X-Pres T EV, BYD has the E6 MPV and few of the Mahindra and MG fashions are seen within the fleet market, however the section has remained extremely untapped at current. In a market of about 81,000 items each year, solely about 10-15 p.c of the market caters to the fleet house.

Having began with the ZS EV, and adopted it by the entry-level Comet, MG needs the brand new MPV and SUV to bridge important gaps in its portfolio and increase the addressable buyer base of round Rs 15 lakh, which is changing into a pleasant candy spot for upgraders available in the market. 

The all-new EV primarily based on the identical automobile structure is more likely to observe inside three to 6 months within the private purchaser’s house. This SUV might be a five-door rugged automobile on the traces of the Maruti Jimny and might be primarily based on the Baojun Yep Plus SUV, as reported by us earlier.

MG Motor at the moment has a market share of about 1 p.c in a extremely aggressive Indian market with 5 fashions in its portfolio. It sells roughly 5,000 items per thirty days, with EVs accounting for 10-20 p.c of its whole gross sales, relying on the month.

MG Motor has predicted nearly 50 p.c of its whole gross sales will come from EVs within the coming years. The firm has in truth introduced that it is going to be taking a look at native meeting of batteries at its manufacturing facility in Halol and MG can be taking a look at further land on the outskirts of Vadodara to nearly double its capability to over 3 lakh items each year.

Rajeev Chaba, the CEO Emeritus of MG Motor India, had shared its long-term plan for India with its 2.0 and three.0 technique in Delhi in May 2023. The firm had introduced that it was within the strategy of Indianising itself throughout varied elements together with possession, board construction, manufacturing footprint and localising of provide chain.

Chaba had stated that whereas the two.0 plan was for the interval from 2023 to 2025 which entails the growth of capability from 70,000 items each year to 1.2 lakh items, as soon as the brand new investor is introduced on board later in 2023, the funds raised from divestment might be utilized in growth of plant capability from 1.2 lakh items to a few lakh items, as a part of its 3.0 plan.

Consequently, in November 2023, SAIC – MG Motor India’s mother or father – and JSW had entered right into a strategic JV in November of 2023. Autocar had solely reported on a possible partnership between MG Motor and JSW in April 2023.

In its official assertion the announcement of the partnership, each corporations in a joint assertion had stated that SAIC Motor and JSW Group will create strategic synergies by bringing collectively assets within the discipline of vehicles and new expertise. The three way partnership may also undertake a number of new initiatives together with augmenting native sourcing, bettering charging infrastructure, growth of manufacturing capability, and introducing a broader vary of automobiles with a deal with inexperienced mobility.

According to the settlement signed, JSW will maintain 35 p.c within the Indian JV operations. SAIC will proceed supporting the three way partnership with superior expertise and merchandise to ship extraordinary mobility options with an unwavering deal with the Indian shopper.

With the infusion of fairness by JSW Group, the precise contours of its future plans are more likely to be revealed in a few days. So, keep tuned for extra detailed plans from the British model.