MG’s product range now features several popular models, such as the Hector, Gloster, ZS EV, and Comet, which are becoming increasingly prominent in the electric vehicle (EV) sector. Six months ago, MG sold about 400 units of the Comet, but following a strategic repositioning, sales rose to approximately 900 units last month.
JSW MG Motor India has enhanced its presence in the automotive industry by becoming the first OEM in India to generate 40% of its sales from electric vehicles. Under the guidance of Satinder Singh Bajwa, Chief Business Officer at Morris Garages India, the company has implemented various business strategies to boost its EV sales by 50% over the past six months, according to a report by ETAuto.
MG’s diverse product lineup includes the Hector, Gloster, ZS EV, and Comet, with the latter increasingly gaining popularity. MG sold about 400 Comet units six months ago, but this number doubled to around 900 last month due to a strategic repositioning that includes customization for its customers. This strategy has successfully driven 40% of the company’s sales from its electric vehicles, with EV sales making up nearly 40% of its total monthly volume in June, an increase from 35% the previous month. Additionally, the company has recently adjusted the pricing of its two variants, the ZS EV and Comet, to fuel its EV growth in India further.
The first half of the fiscal year 2024 has seen fluctuating sales for MG. The company sold 2,922 units in January, a 7.2% year-on-year decline, but it experienced positive sales in February and March. The beginning of the fiscal year in April brought a 10% year-on-year drop, while May saw a slight increase, although the declining trend resumed in June with a 9% drop. Bajwa emphasized the importance of revisiting their strategies, particularly highlighting the strong market acceptance of the ZS EV and customer satisfaction regarding its range.
Looking ahead, MG Motor plans to expand its EV portfolio with new product launches that are expected to start in the third quarter of FY25. Bajwa stated that the company aims to introduce a new product every five to six months and expand into different segments when appropriate. While MG currently dominates the SUV category, it may consider entering the sedan and hatchback segments at a suitable time.
MG also focuses on strengthening its fundamentals in India, prioritizing building consumer confidence and expanding its network. The company currently has 400 touchpoints and aims to increase this to 600 within the year, expecting to generate 20% additional sales from non-urban areas.
