We are targeting 25% growth in sales in CY24, says Rajeev Chaba of MG Motor India

We started the year with the launch of Astor 2024, the most advanced SUV in its class offering ADAS Level 2 Tech, Personal AI Assistant, i-Smart 2.0 connectivity, front ventilated seats and other features at ₹9,98,000 (ex-showroom). We plan to introduce at least one new electric vehicle this year in addition to one other vehicle. In the context of 2024, our focus remains on delivering exceptional products with compelling value propositions.

The expansion of our electric vehicle lineup is a testament to our continued emphasis on this segment. Additionally, we enhanced accessibility within our EV portfolio by introducing the ‘ZS EV Executive’ priced at ₹18.98 lakh and the ‘Comet EV’ that starts at ₹6.99 lakh.

We achieved sales of approximately 60,000 units in the calendar year 2023. This year we are targeting 25 per cent growth over the last calendar year.

Our MG Comet and ZS EV models have sold over 23,000 units, contributing 25-30 per cent to our total sales. We aim to increase this contribution further over the next couple of years.

MG’s market analysis indicates that a significant portion of Comet buyers, approximately 75 per cent, aged between 35-50, are concentrated in India’s top 10 cities. These individuals primarily utilize their vehicles for daily work commutes, with business professionals constituting 43 per cent of the buyer demographic. The Comet EV has redefined urban mobility standards for the next generation, boasting a smart design characterized by spacious interiors and compact exteriors.

In terms of segmentation, Comet appeals to a substantial female demographic, comprising 30 per cent of its customer base. Notably, the top 10 Comet Cities contribute 53 per cent of all India retail figures, with the southern market exhibiting a particularly strong preference for Comet models compared to other offerings in our lineup.

We’re expanding in major metropolitan areas and emerging tier-2 cities to meet the demand for eco-friendly transportation solutions. Our EVs are gaining traction across diverse geographical regions, reflecting the growing acceptance of electric mobility nationwide. Our data reflects a diverse customer base, with notable interest from professionals in urban centres. The ease of driving and manoeuvrability make it the perfect city car, and these attributes have struck a chord with customers across multiple societal sections, age groups and genders. 

Under the MG Charge initiative, we aim to gradually establish charging points across residential communities, golf courses, hotels, educational institutes, and apartments throughout India. We have installed 500 charging points, with plans to reach 1,000 within 1,000 days. We have partnered with the Shoonya - Zero Pollution Mobility campaign led by NITI Aayog. Furthermore, we collaborate with various ecosystem partners to expand EV charging infrastructure and promote battery recycling and reuse initiatives.

MG Motor India operates close to 400 touchpoints across 162 cities. We plan to extend this to 500 touchpoints by the end of 2024. Our strategically positioned MG service centres, guarantee prompt assistance with a response time of just 30 minutes.