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MG Motor to assemble batteries at Halol plant
Thehindubusinessline
·
1y ago
Medial
MG Motor India is considering the assembly of batteries for electric vehicles at its Halol manufacturing plant. The company is also exploring the possibility of battery cell manufacturing with third parties. Additionally, MG Motor India plans to expand its Halol plant in response to increasing demand. Last year, the company announced a ₹5,000 crore investment for plant expansion and hiring. The company aims to establish a second manufacturing unit in Gujarat, increase its overall production output, and further strengthen its position in the electric vehicle market.
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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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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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MG Motor Windsor EV: All you need to know about the battery subscription plan
Money Control
·
10m ago
Medial
JSW MG Motor India is launching a Battery-as-a-Service (BaaS) offering, allowing customers to pay for battery usage separately from the initial vehicle cost. The cost starts at ₹3.5 per km, excluding charging cost. There are no additional charges except for a nominal charging cost of around Rs1 per km. The program also offers easy exit options through financiers. Additionally, JSW MG Motor India is introducing a 3-60 assured buyback plan, ensuring the Windsor model retains 60% of its value after 3 years/45,000kms. Battery rentals include both interest and principal components.
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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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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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Adani, MG Motor India Ink Pact To Boost EV Charging Network
Inc42
·
1y ago
Medial
Adani TotalEnergies E-Mobility, a subsidiary of Adani Total Gas, has signed an MoU with MG Motor India to strengthen the electric vehicle charging infrastructure in the country. As part of the partnership, ATEL will install CC2 60 kW DC chargers at MG dealerships and provide a comprehensive solution for charging infrastructure. The two companies will also explore the integration of public charging stations across platforms and introduce a digital platform for a seamless customer experience. This collaboration reflects their commitment to sustainable mobility and aims to empower Indian consumers to embrace electric mobility.
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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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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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