MG Motor India has outlined plans to launch two new cars in the country in 2024, one of which will be an electric vehicle (EV). The move is part of MG Motor’s strategy to capture a larger share of the growing EV market in India.
Currently, EVs constitute 25%-30% of the company’s total sales in the country. While EVs make up only 2% of the overall industry sales, experts predict this share to double to around 4% soon, with further growth expected to reach 6%-7% by next year.
MG Motor, which entered the Indian market in 2019, offers a range of EVs, including the recently discounted Comet EV, Astor, Gloster, Hector 5-seater, Hector Plus, ZS EV SUVs, and the Comet EV.
The company is aiming to reduce its majority stake and raise funds for expansion, with JSW Group likely to become the new owner, pending approval by the Competition Commission of India.
