MG Motor India to invest Rs 1,500 crore more by the next financial year

MG Motor India to invest Rs 1,500 crore more by the next financial year

MG Motor, the Indian arm of China’s SAIC Motor plans to start an additional shift at its manufacturing plant in Halol in Gujarat this year to meet the demand for its vehicles.

“The company has invested Rs 3,000 crore till now in India and plans to invest Rs 1,500 crore more by the next financial year. MG Motors plans to increase localisation of products, which would mean higher manufacturing in India, and also aims to assemble battery lines locally.” Rajeev Chaba, president and managing director, MG Motor India said.

“The company is planning to recruit 1,000 workers, directly and indirectly, at the plant by the end of 2021 to ramp up production for the launch of a midsize sports utility vehicle (SUV).”, he said.

“Currently, we have 2,500 employees at the plant. The new vehicle, which will be introduced in the third quarter of this year, will compete with the likes of Hyundai Creta and Kia Seltos,” he added.

Recently in last month, MG Motor and Tata Power inaugurated the first 60 kW superfast EV charging station in the capital city of Uttar Pradesh. The inauguration is the second in quick succession by the two companies in the state of U.P. Agra’s first 60 kW Superfast EV Charging station was inaugurated in November 2020. The initiative is a part of MG’s recent partnership with Tata Power for the deployment of 60 KW DC Superfast Charging Stations across the country.

In 2021, MG Motor India expects 80% growth in sales to 50,000 units. MG launched ZS EV in early-2020 and has retailed more than 1,000 units to date in India despite national and regional lockdowns.