MG Share Outlook For 2022 With Learnings From 2021
MG Motor achieved a healthy YoY growth of 56% in the calendar year 2021 so far and sold. 37,323 cars. In the same period last year, MG Motor sold 24,152 units.
MG Motor claim that they received good response for the Astor, which competes with the immensely popular Hyundai Creta and Kia Seltos among other C-segment SUVs. Rajeev Chaba, MD of MG India said that the biggest challenge is to sustain business operations and ensure the financial health of the brand and its stakeholders. The market saw a spike in demand and MG are finding it difficult to keep up. The supply side is struggling because of the semi-conductor shortage, shipping delays, and higher input costs.
According to MG, the ZS EV continues to get an average of 700 bookings every month. However, the production of the ZS is lagging far behind and hovering in the range of 200 - 300 units per month. MG are also planning to bring an all-new EV in the Rs. 10 - 15 lakh price band. They say that this mass market electric car will use a dedicated platform for EVs. MG plan to launch the new affordable EV sometime between April 2022 and March 2023. This mass-market electric car model may help MG price it aggressively because of the government subsidies and production-linked incentives (PLI scheme).
With the launch of the affordable EV, MG Motor anticipate their EVs to start accounting for over 20% of their sales in the next 2 years. We expect MG to increase their production to contain the long waiting period for cars like the ZS EV and Astor. Recently, MG Motor India launched the industry-first NFT collections in India.