The Chinese-owned MG Motor is planning to rev up its Indian operations with another factory in the country. MG Motor India currently has its manufacturing facility in Halol, Gujarat. It has an annual production capacity of 80,000 vehicles and employs nearly 2,500 workers. The company, which recently launched the latest iteration of the MG ZS EV, has also confirmed that it would be soon unveiling a mass-market EV in India.
According to a new report in The Times of India ,"MG is also exploring the option of getting cars contract-manufactured through another automobile OEM in India, though talks are at a preliminary stage."
The company's current focus is on raising funds for its expansion and intensifying its EV foray. MG Motors, because of its Chinese ownership, has had difficulty in getting getting the government nod for bringing in funds through the FDI (foreign direct investment) route.
The company is now exploring external commercial borrowings (ECBs) or private equity route to raise around Rs 5000 crore, the Times report said.
MG ZS EV is sold out
As per media speculation, MG's impending budget EV, dubbed MG E230, could be the cheapest electric car in India when it is launched. And India will be the first foreign market where this electric micro car will be first unveiled. The new EV will be pitted against India's bestseller Tata Nexon electric and the soon to be launched Mahindra XUV300 EV.
Meanwhile, the recently launched MG's 2022 ZS EV is said to have received over 1,500 bookings and is already sold out for the year. The new MG ZS EV is propelled by a 50.3 kWh battery that claims to offer a range of 461kms on a single charge.
The new ZS EV is available in 2 variants – Excite and Exclusive – priced Rs 21.99 lakh and Rs 25.88 lakh, respectively (both prices ex-showroom). While the bookings for the Exclusive variant are done, bookings for the Excite variant will start from July 2022.
MG Motor India is gung-ho on the prospects of its EVs in India, and expects 25% of its total volumes to accrue from electric vehicle sales by next year.
