MG
Car sales lose pace in June, SUVs stay in front
Passenger vehicle sales in India remained sluggish for the third consecutive month in June due to a high base and reduced post-pandemic pent-up demand. Sales rose 3.7% from a year earlier but slightly declined from May, with 340,784 units sold compared to 328,710 last year. SUVs comprised 53% of sales.
JSW MG Motor India retail sales dip 9 pc in June to 4,644 units
JSW MG Motor India reported a 9% year-on-year decline in retail sales for June, with 4,644 units sold compared to 5,125 units in June 2023. Despite this, the company's flagship SUV, the ZS EV, achieved its highest-ever monthly sales in June 2024.
Tata funds pause is no 'debt-errent' at 1mg, BigBasket
BigBasket and 1mg–two of the biggest digital assets of Tata group–are choosing debt over equity for expansion in a critical year for them. As Tata Sons hits a pause on funding its ecommerce business, the two platforms are opting for debt for capex this financial year.
BigBasket, 1mg’s plans for capex; win for epharmacies in Madras HC
Tata’s online grocery BigBasket and epharmacy 1mg will largely depend on debt capital to fuel expansion this fiscal. More on this in today’s ETtech Morning Dispatch.
MG Motor to launch its most premium electric car, Cloud EV, later this year : Report
MG Motor is gearing up to launch a new electric car in India later this year, with reports indicating that the MG Cloud EV will make its debut in September. The price range for the vehicle is expected to be below Rs 20 lakh, although some sources suggest it could be closer to Rs 25 lakh. If priced competitively, the Cloud EV will compete against popular models like the Tata Nexon, BYE E6, and the Mahindra XUV400 in the Indian market.
Indian streets gear up for electrifying SUV launches from Tata, Hyundai, Maruti & more
India gears up for a wave of SUV launches, including Tata Motors, Hyundai, Kia, and more, showcasing the industry's move towards sustainable transportation. Maruti Suzuki to unveil its first EV at Auto Expo 2025, and Mercedes-Benz targets a quarter of sales from EVs by 2026.
JSW MG Motor India partners with Ecofy for EV financing
JSW MG Motor India has partnered with Eversource Capital-backed NBFC Ecofy to offer financing and leasing solutions for up to 10,000 JSW MG electric vehicles over the next three years. The partnership includes loan options and leasing arrangements for retail customers and B2B operators.
Passenger vehicle wholesales in slow lane in May due to high base effect, elections
Passenger vehicle wholesales in India grew marginally in May due to the high base effect and muted demand during the general elections. Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Toyota Kirloskar Motor, Kia India, and MG Motor India all reported varying levels of growth.
MG Motor sales dip 5 pc in May at 4,769 units
MG Motor India's wholesale figures for May showed a 5% decline at 4,769 units compared to the same period last year when it dispatched 5,006 units. The company highlighted positive interest in its electric vehicles (EVs), which accounted for 36% of total monthly sales, maintaining a significant contribution in May 2024.
Chinese companies may be permitted to dilute stakes in JVs with Indian partners
While decisions will continue to be made on a "case-by-case" basis with a focus on security concerns, sources suggest that this move could enable companies like Xiaomi and other prominent Chinese firms to expand their presence in India.
MG Motor, HPCL join hands to enhance EV charging infrastructure
MG Motor India and Hindustan Petroleum Corporation Ltd collaborate to expand EV charging infrastructure in India, installing fast chargers at key locations for long distance and intercity commutes.
MG Motor India signs pact with Vertelo to deliver 3,000 EVs
MG Motor India has partnered with Vertelo to supply 3,000 EVs, aiming for fleet electrification and robust charging infrastructure. The collaboration aligns with a vision for a green and sustainable future, accelerating the shift towards sustainable transportation. MG's EV lineup, including the 'Comet' and 'ZS EV', complements Vertelo's electrification solutions.
MG Motor announces 100-year special editions of Comet, ZS EVs, & other models
MG Motor India introduces 100-year Special Edition models of Comet, Astor, Hector, ZS EV in India with unique design elements. Price details, sales figures, and upcoming Gloster facelift are also mentioned.
MG Motor India reports 1.45 pc dip in retail sales at 4,485 units in April
MG Motors India on Wednesday said its retail sales declined 1.45 per cent year on year to 4,485 units in April. The company had reported sales of 4,551 units in April 2023.
MG Motor India looks to expand network in tier III, IV to drive next phase of growth
MG Motor India aims to expand its presence in tier III and IV cities by establishing 100 new touchpoints by the fiscal year end. With plans to increase touchpoints to 520 across 270 cities by 2024-25, MG Motor embarks on its growth phase 'MG 2.0', focusing on production capacity enhancement and introducing new models.
SAIC's MG Motor India plans to bring in Indian investors including JSW
SAIC Motor's MG Motor India to attract investors for market expansion and risk prevention. JSW Ventures, IndoEdge India Fund, dealer trust, and employee stock plan to aid growth in India's auto sector.
MG 2.0: JSW MG Motor India sets wheels rolling to give India another 'Maruti moment'
JSW Group and SAIC Motor-owned MG Motor India announced a joint venture to produce electric and internal combustion engine cars in India. With JSW's 35% stake acquisition, the partnership aims to challenge Maruti and Tata Motors' dominance in Indian markets. MG plans to capture a third of the New Energy vehicle market by 2030, focusing on EVs.
Sajjan Jindal looks to recreate iconic 'Maruti Moment' with JSW MG India
JSW MG, led by Jindal, targets selling a million NEVs by 2030 with Mumbai announcement. Plans include SAIC deal, Odisha investment, and focus on green mobility amidst geopolitical tensions, Hector, Astor models.
MG Motor India anticipates accelerated growth path with JSW Group's investment, says CEO Emeritus Rajeev Chaba
MG Motor India is poised for rapid growth with the backing of JSW Group as an investor, according to CEO Emeritus Rajeev Chaba. The company has already established a strong foundation in technology, customer experience, gender diversity, and community service. Chaba expressed optimism about the future, stating, "Now with the investor coming in, definitely I would expect an accelerated growth path, and more aggressive expansion plans."
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