With a third of its total sales coming from electric vehicles in the first half of 2024, MG Motor India is moving closer to its ambitious goal of selling one million new-energy vehicles in India by the end of the decade.
In the first half of the year, the carmaker sold 3,957 ZS EVs, nearly doubling its sales between January and March and April and June. For the first time in June, ZS EV’s monthly retail sales exceeded those of Tata Nexon EV, with 969 units sold. Tata Motors’ retail sales of electric cars fell 20%, whereas MG Motor’s June EV sales saw an increase of about 21% year over year.
Vs, including ZE and Comet, accounted for 33% of MG Motor India’s total sales during the first half, the company said. In June, EV penetration in total sales reached the 40% mark. “There lies a huge opportunity to shape a sustainable and conducive future for our country, and EVs could be the primary usage car in India,” Chief Commercial Officer Satinder Bajwa said.
MG Motor, which entered India in 2019, has five models in its portfolio, including two electric vehicles. Astor, Hector and Gloster are internal combustion engine models, while ZS and Comet are EV models.
With the ZS EV, the Chinese company was among the early passenger car makers to introduce electric cars that got traction in the market.
This early mover advantage helped the company grab a considerable share in the electric vehicle market, while its overall market share in the passenger vehicle market continues to be in the range of 1-2%.
MG Motor brand in India is now operating under JSW MG Motor India, the newly formed joint venture between JSW Group and SAIC-owned MG Motor. The joint venture has set a target to sell one million new energy vehicles (EVs and PHEVs) by 2030.
The automaker plans to offer two new EVs based on the E260 EV platform that will churn out a five-door SUV and a compact MPV. These two models are likely to be positioned below Rs 15 lakh and compete with Tata Tigor X-Pres T EV and BYD’s E6 MPV respectively.
MG Motor India is also expanding its network across tier 3 and tier 4 cities and rural markets. It plans to set up 100 new touchpoints by the end of the year, eyeing a total of 520 touchpoints in 270 cities across the country by the end of March 2025.
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