MG Motor Sales Grow By 18 Per Cent In CY2023, Becomes Second-Largest EV Seller In India

MG Motor India announced its sales for the 2023 calendar year. The company's retail sales stood at 56,902 units, registering a growth of 18 per cent over the same period in 2022. The automaker saw a healthy mix of sales coming from ICE and EV models and went on to become the second-largest EV player after Tata Motors in the passenger vehicle segment.

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MG Motor India revealed sales in December 2023 stood at 4,400 units, growing by 13 per cent year-on-year over the same month in 2022. The automaker managed to have a better year-on-year growth at 18 per cent for CY2023, as against the industry average of 8-9 per cent, MG revealed. The automaker also said that about 25 per cent of its total sales came from electric vehicles.

MG has been retailing the ZS EV for a few years now while the more affordable Comet EV was launched earlier this year. The company said that it sold about 20,000 EVs in the country to date, showing a strong acceptance of its electric vehicle lineup.

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MG Motor India's sales are largely driven by premium models including the Astor, Hector, Hector Plus and Gloster SUVs. The Comet EV arrived as the brand's most accessible offering priced around Rs. 7.98 lakh (ex-showroom). The company is expected to go aggressive with the electric mobility space going forward with as many as seven new launches planned over the next couple of years, a few of which will be electric. The automaker has also been actively working with ancillary players to set up the charging infrastructure to support EVs.

2023 also saw MG witness a major shift in its ownership in India with the JSW Group acquiring a 35 per cent stake via a joint venture with its Chinese parent SAIC. The fresh infusion should help accelerate growth and expansion plans including the launch of new offerings, as well as opening a new manufacturing plant in Gujarat, in addition to the brand's existing facility, also located in the same region. Expect more announcements from MG Motor India later this year.