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MG Motor India sales decline 23% in March
Thehindubusinessline
·
1y ago
Medial
MG Motor India reported a 23% decline in retail sales for March, selling 4,648 units compared to 6,051 units in the same month last year. The automaker did not provide figures for the entire fiscal year but mentioned a 14% YoY growth in sales for FY 2023-24 over FY 2022-23. MG Motor India expects a positive uptick in sales in the coming months despite the moderation in overall automobile industry growth.
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Hyundai Motor India records highest-ever sales of 7.77 lakh units in FY24
Thehindubusinessline
·
1y ago
Medial
Hyundai Motor India (HMIL) announced that it achieved its highest-ever domestic sales in the financial year 2023-24, with 6.14 lakh units sold, an 8.3% increase from the previous year. The company also recorded its highest-ever annual total sales of 7,77,876 units, an 8% growth compared to FY 2022-23. Toyota Kirloskar Motor and Mahindra & Mahindra also reported significant sales growth, while MG Motor India experienced a decline in retail sales.
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Info Edge Gets CCI Nod For 8% Stake Buyout In MG Motor India
Inc42
·
1y ago
Medial
Chinese automotive manufacturer SAIC Motor-owned MG Motor India has been actively operating in the Indian electric vehicle market. The company recently entered into a joint venture with JSW Group to produce electric and internal combustion engine cars. Info Edge India Fund has received approval from the Competition Commission of India to acquire an 8% stake in MG Motor India. This acquisition will grant Info Edge India Fund 8.70% of the voting and economic rights. MG Motor India has also ventured into the metaverse with its MGverse platform and partnered with Tata Power to install superfast chargers for electric vehicles at select MG dealerships.
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JSW Group, MG Motor India to roll-out first model under new JV
Thehindubusinessline
·
1y ago
Medial
MG Motor India, in a joint venture with JSW Group, is set to launch its MG5 sedan in India on March 20. The event will also mark JSW Group's acquisition of a 38% stake in MG Motor India, as well as an announcement about future investments in the automobile venture. While SUVs dominate the Indian market, MG's decision to introduce a sedan reflects a unique approach. The MG5 offers style, comfort, and practicality, aiming to appeal to buyers seeking a well-equipped car with a dynamic driving experience.
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JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030
VCCircle
·
1y ago
Medial
The joint venture between JSW Group and MG Motor aims to sell one million electric vehicles in India by 2030. The companies plan to enter the premium passenger vehicle segment. MG Motor already has two electric car offerings in India. This announcement comes after India lowered import taxes on certain electric vehicles, encouraging carmakers to invest and manufacture domestically. This move benefits Tesla, which plans to enter the Indian market. Electric cars currently represent about 2% of total car sales in India, but the government has set a target of 30% by 2030.
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PV sales continue on upward trajectory in February
Money Control
·
1y ago
Medial
Passenger vehicle (PV) sales in India have continued to rise for the second consecutive month in 2024, with carmakers delivering approximately 373,177 units to dealers. This marks the highest auto wholesales for February in any year, driven by strong demand for SUVs, positive consumer sentiment, increased availability of waitlisted models, and new rollouts. Overall, PV sales have increased by 11.3% year-on-year, reaching a total of 3,859,000 units for the April 2023-February 2024 period. Maruti Suzuki India, Hyundai Motor India, M&M, Tata Motors, MG Motor India, and Toyota Kirloskar Motor reported positive sales growth.
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TVS Motor registers highest ever sales in FY24
Money Control
·
1y ago
Medial
TVS Motor Company recorded a 14% increase in total sales in FY24, reaching 41.91 lakh units. Two-wheeler sales accounted for a 15% growth, reaching 40.45 lakh units, while three-wheeler sales decreased to 1.46 lakh units. The company reported a growth of 23% in the fourth quarter of FY24. In the electric vehicle segment, TVS Motor achieved the highest sales in March 2024, with 15,250 units sold.
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MG Motor India signs pact with Vertelo to deliver 3,000 EVs
Money Control
·
1y ago
Medial
MG Motor India has signed a memorandum of understanding with integrated fleet electrification platform Vertelo to deliver 3,000 electric vehicles (EVs) in a phased manner. The partnership aims to provide sustainable mobility solutions and establish a robust EV charging infrastructure in India. Vertelo, a fleet electrification platform backed by Macquarie Asset Management and the Green Climate Fund, plans to purchase around 3,000 electric cars from MG Motor India to accelerate fleet electrification and achieve net-zero emissions. MG Motor India's current EV lineup includes the Comet and ZS EV.
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Exclusive: MG Motor India set to bring private equity fund to its captable
VCCircle
·
1y ago
Medial
MG Motor India is reportedly planning to bring a private equity fund on board as a new investor. The move comes as MG Motor's parent company, SAIC Motor, seeks to divest its stake in the Indian automaker. SAIC Motor, which is China's largest automaker and the tenth largest globally in terms of revenues, recently partnered with JSW Group to facilitate the divestment process. Details about the private equity firm and the terms of the investment have not been disclosed yet.
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Intend to move away from conventional vehicles, focus on NEVs: JSW MG Motor Director Parth Jindal
Money Control
·
10m ago
Medial
JSW MG Motor India is shifting its focus towards new energy vehicles (NEVs) and aims to move away from conventional internal combustion engine vehicles. Parth Jindal, company Director, stated that NEVs will be the cornerstone of MG going forward, with a target of over 50% of total sales coming from electric vehicles by 2024. The company recently launched its electric crossover utility vehicle, MG Windsor. It plans to introduce a new car every four to six months and aims to avoid traditional ICE vehicles, although it may consider certain models if the technology has not yet developed.
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Two-Wheeler EV Registrations Nosedive Over 50% MoM In April, Ola Takes 35% Hit
Inc42
·
1y ago
Medial
Electric two-wheeler registrations in India dropped to an eight-month low of 64,013 units in April, a decline of over 53% compared to March. This decrease was attributed to lower vehicle subsidies and seasonal factors. Ola Electric remained the leading player, despite a 35% MoM decline in registrations to 33,062 units. TVS Motor and Ather Energy also experienced significant declines in registrations. The overall decline in EV registrations comes as the Indian government is working on new initiatives to boost EV sales in the country.
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