NEW DELHI: One of India’s newest carmakers - MG Motor - has crossed the 1 lakh cumulative sales milestone since the launch of its first vehicle – Hector SUV - nearly three years ago.
The carmaker in an interview with TNIE said that its journey in the Indian market has not been very fluent given the covid-19 induced lockdowns impacted sales and the ongoing semiconductor shortage has forced automakers to cut production.
However, the company said it was very optimistic about its future for which it was investing nearly Rs 4,000 crore to set up a second factory and launching a new affordable EV that will be priced between Rs 10-15 lakh in the first quarter of calendar year 2023.
MG’s optimistic view about the Indian market comes even as a noticeable number of automakers left Indian market citing massive losses in the past few year.
The most recent one being Nissan’s sub-brand Datsun, which announced its exit last month.
“I won’t be commenting as such on the exits. I think one has to look at the entire strategy based on what one has to achieve in the market. I think from our perspective, key requirements is a strong network, cost of ownership of your vehicle, satisfaction of the customers both in the sales and service side and bringing in new technology,” said Gaurav Gupta, chief commercial officer of MG Motor India.
He added, “You will be looking at our second plant soon and that itself should convey the strength, belief and the work we are doing on our product portfolio here.”
MG Motor is planning to invest approximately Rs 4,000 crore for its second manufacturing facility.