MG Motor will introduce five new cars in the next 12 months

DELHI Delhi. With the support of new funds and a local joint venture partner, MG Motor will launch five new products in India in the next 12 months. The first, an electric CUV, will debut in September or October 2024. Three products will target the mass market, and two will cater to the premium segment. Rajeev Chaba, Honorary President of MG Motor India, announced that five new products have been approved by the joint venture for launch within the next year. The first, a feature-rich CUV with SUV capabilities, will be launched during the festive period. Partnering with the JSW Group, MG Motor plans to increase its production capacity from 100,000 to 300,000 units in the next three to five years. Rajeev Chaba also said that they are setting up a second plant in Halol, Gujarat to support this growth. JSW Group and China’s SAIC Motor had finalised the joint venture ‘JSW MG Motor India Private Limited’ in March, which involves an investment of Rs 5,000 crore. Despite market fatigue, Chaba is optimistic, as he forecasts PV sales to grow by 7-8% this year due to festivals and new launches. He also forecasts EV sales to reach 120,000 units this year, up from 90,000 units last year. Chaba called for incentives for strong plug-in hybrids and an updated tax structure for PVs that reflects environmental impact and localisation levels. He warned of high inventory levels at dealer showrooms, with MG’s dealer inventory at 35-40 days, while the industry average is 60-65 days.