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Chinese auto major SAIC Motor Corporation has officially announced its plans to enter the Indian automobile market. The company plans to set up a fully-owned car manufacturing facility in the country.
The operations, which are expected to commence in 2019, will create sizeable employment opportunities under the ‘Make in India’ and ‘Skill India’ initiatives and contribute to the economic development of the region, the company said on Wednesday.
SAIC Motor’s vision for India is to deliver environment-friendly mobility solutions under the iconic ‘MG’ (Morris Garages) brand, it said.
The MG brand, which originated as an iconic British racing sports brand in 1924, has evolved into a modern, innovative brand over the last 93 years.
The company has set up a fully-owned subsidiary, MG Motor India, and appointed Rajeev Chaba, a veteran with over two decades of experience in the automotive sector, as its President and Managing Director. It has also appointed P Balendran as Executive Director. He has joined MG Motor India after spending over 18 years in global automobile companies, including GM India, in senior positions.
“The company is in the process of finalising its manufacturing facility and is firming up its product strategy for the Indian market, details of which will be announced at a later stage,” it said in a release. According to sources, the company will showcase some of its cars at the Auto Expo early next year.
In May, BusinessLine had written that MG was looking at buying General Motors’ Halol plant, but wanted the unit’s employee issues to be resolved first.
“The introduction of the iconic British sports car brand ‘MG’ in India is an important part of SAIC Motor’s global strategy. Our aim is to provide best-in-class vehicles, integrating sophisticated British design and quality, breakthrough product features and a pleasing ownership experience,” the company said.
With annual revenue of over $100 billion, SAIC Motor will be part of the expanding Indian automotive market, slated to be the third-biggest in the world by 2020, it added.
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