British-Chinese automaker MG Motor announced plans to expand its lineup for the Indian market, with a new electric vehicle model launching in 2024.
MG will launch two new vehicles in the Indian market, including an EV
MG Motor will launch two new vehicle models in the Indian market this year, one of which will be an all-electric vehicle.
It is apparently part of MG Motor’s efforts to gain a bigger share in India’s electric vehicle market, ET Auto reports, citing MG Motor India Deputy Managing Director Gaurav Gupta.
“We are bringing two new cars during the second half of this year and one of them is an EV for sure. We will keep adding new products to our portfolio next year also.”
Gaurav Gupta, MG Motor India Deputy Managing Director
MG’s footprint in India
MG currently has a wide range of vehicle offerings in India, including the gas-powered Astor, Hector, Hector Plus, and Gloster.
Meanwhile, its electric vehicle lineup offers two models, the Comet EV and ZS EV. As of now, these two EVs account for 25% to 30% of MG Motor’s overall vehicle sales in the country.
“We want to build up the momentum this year and expect EV contribution to grow as we go forward.”
Gaurav Gupta, MG Motor India Deputy Managing Director
Notably, MG Motor is one of the pioneers in the country’s electric vehicle industry with the introduction of the ZS EV in 2020.
The Comet EV followed in May 2023, with a base price of just INR 7.98 lakh (ex-showroom).
Portfolio expansion
MG Motor India expects electric vehicles share to increase from 2% to approximately 4% in the country this year, indicating an almost 100% growth. It further forecasts EV uptake to speed up from 2025, with the segment advancing to around 6% to 7% in 2025.
“2025 onwards, it (EV adoption) will leapfrog.”
Gaurav Gupta, MG Motor India Deputy Managing Director
Therefore, it is unsurprising that MG Motor continues to improve its electric vehicle lineup in the country.
In February, MG launched price cuts for its Comet EV from INR 7.98 lakh (ex-showroom) to INR 6.98 lakh. The company has also recently unveiled new cheaper variants of the Comet and ZS EV.
The Comet Excite FC and Exclusive FC variants cost INR 8.23 lakh and INR 9.13 lakh, respectively. Meanwhile, the ZS EV Excite Pro variant starts at INR 19.98 lakh.
Unfortunately, the report did not mention which electric vehicle model MG Motor plans to launch this year. Nonetheless, the arrival of the mystery EV will undoubtedly expand the brand’s portfolio before potential global players like Tesla and JLR enter the local manufacturing scene.
