Ad
Ad
MG Motor, the leading automotive player in India, aims to dilute the majority of stake to local partners for 2-4 years as part of the company's five-year roadmap.
On Wednesday, MG Motor India announced its plans to sell most of its stake to local partners. The company aims to dilute the majority of its stake for over 2-4 years as part of its five years business growth roadmap.
MG Motor, a British brand, is owned by China's largest automaker, SAIC Motor Corp. The company has lined up Rs 5,000 crore to grow its business operations in the country by 2028. It's looking to raise capital for some time to accelerate its next stage of growth.
According to sources, this automaker has been waiting for government approval to raise capital from its Chinese parent company for two years, which hasn't succeeded yet. Therefore, MG Motor India decided to look for other options to allocate the necessary funds required to expand its market share and portfolio in the Indian market.
Discussing the roadmap, the company announced its plans to set up another manufacturing plant in the country to expand manufacturing capacity to 3 lakh units a year. The company also plans to roll out new products, including electric vehicles, in the domestic market.
This automaker operates its manufacturing plant in Halol, Gujarat, which it purchased from General Motors. This manufacturing plant has a yearly production capacity of 1.2 lakh units.
While addressing its next five years roadmap to expand its portfolio in the Indian market, the company said it aims to introduce 4-5 new car models in the country where the prime focus would be EVs.
The company expects its EV portfolio would amount to 65-75 percent of its total domestic sales. MG Motor India highlighted that it's exploring the areas to set up cell manufacturing and hydrogen fuel cell technology by leveraging third-party manufacturing or collaborating with partner brands.
To enhance production capacity and grow its Indian portfolio, the company also plans to have a total workforce of 20,000 by 2028.
The president & MD of MG Motor India, Rajeev Chaba, mentioned that their company's dedication to India is deeply ingrained. The company has planned its next phase of sustainable growth through a clear vision and roadmap for 2028. He further mentioned that the company's growth strategy is centered on enhancing localization, aligning with the government's Make in India campaign, and diligently fulfilling the evolving needs of the domestic market.
Chaba mentioned that the company is focused on positively impacting society and promoting gender diversity. Moreover, he stated that 1,00,000 students are aimed to be trained in EV, ADAS, and connected car technologies under the company's MG Nurture program.
MG Motor sells several cars like Hector, Astor, and ZS EV in India. Recently, it launched its small EV, Comet, in the Indian market.
Rolls-Royce Spectre Black Badge Launched in India at INR 9.50 Crore
Rolls-Royce launches the Spectre Black Badge in India at ₹9.50 crore, making it the most powerful production EV from the brand.
23-Jun-2025 07:29 AM
Read Full NewsRolls-Royce Spectre Black Badge Launched in India at INR 9.50 Crore
Rolls-Royce launches the Spectre Black Badge in India at ₹9.50 crore, making it the most powerful production EV from the brand.
23-Jun-2025 07:29 AM
Read Full NewsBYD Atto 3 Crosses 1 Million Global Sales Milestone
BYD Atto 3 achieves over 10 lakh global sales in less than 4 years. The 2025 model year brings updates like ventilated seats and improved battery tech to India.
23-Jun-2025 03:35 AM
Read Full NewsBYD Atto 3 Crosses 1 Million Global Sales Milestone
BYD Atto 3 achieves over 10 lakh global sales in less than 4 years. The 2025 model year brings updates like ventilated seats and improved battery tech to India.
23-Jun-2025 03:35 AM
Read Full NewsBajaj Offers ₹5,000 Discount on Freedom 125 Drum Variant to Boost Sales
Bajaj Auto slashes ₹5,000 off the base variant of the Freedom 125 CNG motorcycle, now priced at ₹85,976. The move aims to boost sales amid slowing demand in the commuter segment.
21-Jun-2025 07:11 AM
Read Full NewsBajaj Offers ₹5,000 Discount on Freedom 125 Drum Variant to Boost Sales
Bajaj Auto slashes ₹5,000 off the base variant of the Freedom 125 CNG motorcycle, now priced at ₹85,976. The move aims to boost sales amid slowing demand in the commuter segment.
21-Jun-2025 07:11 AM
Read Full NewsHonda City Sport Launched at ₹14.88 Lakh: A Stylish Twist on the Iconic Sedan
Honda Cars India has introduced the limited-edition City Sport at ₹14.88 lakh, featuring sporty cosmetic upgrades, a premium black-red interior, Honda Sensing ADAS tech and more.
21-Jun-2025 03:53 AM
Read Full NewsHonda City Sport Launched at ₹14.88 Lakh: A Stylish Twist on the Iconic Sedan
Honda Cars India has introduced the limited-edition City Sport at ₹14.88 lakh, featuring sporty cosmetic upgrades, a premium black-red interior, Honda Sensing ADAS tech and more.
21-Jun-2025 03:53 AM
Read Full NewsKTM Restructuring Plan Approved by Austrian Court & New Operational Phase Begins
KTM has received court approval for its restructuring plan, paving the way for a 30% creditor payout and a revamped manufacturing strategy under Pierer Mobility Group.
19-Jun-2025 07:31 AM
Read Full NewsKTM Restructuring Plan Approved by Austrian Court & New Operational Phase Begins
KTM has received court approval for its restructuring plan, paving the way for a 30% creditor payout and a revamped manufacturing strategy under Pierer Mobility Group.
19-Jun-2025 07:31 AM
Read Full NewsHero MotoCorp to Launch VIDA VX2 Electric Scooter on July 1, 2025
Hero MotoCorp will launch the VIDA VX2 electric scooter on July 1, 2025. Positioned below the Vida V2 lineup, the VX2 debuts a Battery-as-a-Service (BaaS) model.
19-Jun-2025 03:48 AM
Read Full NewsHero MotoCorp to Launch VIDA VX2 Electric Scooter on July 1, 2025
Hero MotoCorp will launch the VIDA VX2 electric scooter on July 1, 2025. Positioned below the Vida V2 lineup, the VX2 debuts a Battery-as-a-Service (BaaS) model.
19-Jun-2025 03:48 AM
Read Full NewsAd
Ad
Tata Harrier EV
₹ 21.49 - 27.05 Lakh
Volkswagen Golf GTI
₹ 53.00 Lakh
Kia Carens Clavis
₹ 11.50 - 21.50 Lakh
Tata Altroz
₹ 6.89 - 11.49 Lakh
Lamborghini Temerario
₹ 6.00 Cr
Hyundai Stargazer
₹ 9.60 - 17.00 Lakh
Mahindra XEV 7e
₹ 21.00 - 30.00 Lakh
MG Cyberster
₹ 60.00 - 70.00 Lakh
Renault Kiger Facelift
₹ 6.00 Lakh
BMW M3 Facelift
₹ 1.47 Cr
Ad
Ad
Ad