Page 4 - Mg Motor India

Impossible for any automobile company to be profitable in 1st yr: MG Motor

MG Motor India on Tuesday said it is impossible for any automobile company to be profitable in the very first year of its operations, in response to a notice from the Ministry of Corporate Affairs regarding why they have operational losses in the first year of operations 2019-2020. In a statement the company said it has received a "notice seeking clarifications primarily on why we have operational losses basis our annual report for the first year of operations 2019-2020". However, according to a report, the Ministry of Corporate Affairs has asked the company to explain irregularities and audit deficiencies of its financial records with its directors and auditor being summoned. "We fully cooperate with the government authorities on all issues and are in process of providing the desired records and information to the Registrar of Companies within the stipulated time frame," MG Motor India said. At the same time, it added, "we would also like to state that it is impossible for any ...

Registration of electric passenger, motor vehicles doubles this year

Driving growth is Tata Motors, with 25,795 registrations, against 10,200 last year

MG Motor India logs 53% rise in retail sales at 4,367 units in October

MG Motor India on Tuesday reported 53 per cent rise in retail sales at 4,367 units for October 2022. The company had sold 2,863 units in the same month last year, MG Motor India said in a statement. During the month, the company also achieved its highest ever production monthly milestone at 5,008 units, which included 784 units of electric vehicle (MG ZS EV), it added. The company, which had earlier been plagued by chip shortage, said it was able to enhance production due to "some improvement in semiconductor supplies through localisation initiatives". The production uptick has made the commencement of the deliveries of the company's SUV Astor in both continuously variable transmission (CVT) and automatic transmission (AT) variants possible, it added. "The coming weeks should hopefully see some more improvement," it said.

India launches probe into MG Motor as scrutiny on Chinese firms widens

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

MG Motor India expects to turn profitable next year on higher sales

MG Motor India expects its operations to turn profitable next year as it looks to double its volumes with higher production capacity in place, the company's President and Managing Director Rajeev Chaba said on Monday. The company, which has been impacted by acute supply chain constraints, is looking to close the current year with sales of around 55,000-56,000 units. "Next year, we are looking at doubling our volumes. If we do 56,000 units this year and we are targeting over one lakh units in 2023. So that is why we think next year is definitely going to be a big year for us," Chaba told PTI in an interaction. He noted that the company is in the final stage of completing capacity expansion at its Halol-based manufacturing plant in Gujarat which would help it scale up dispatches to dealers next year. MG Motor had bought the Halol plant from General Motors and has been able to ramp the annual production capacity from 65,000 units to 1.25 lakh units now. "Last year we sold around 40,0

MG Motor India records 5% decline in retail sales at 4,013 in July

MG Motor India on Monday reported a 5 per cent decline in retail sales at 4,013 units in July as production impacted by supply chain constraints

MG Motor India reports 27% growth in June retail sales at 4,503 units

The company had clocked retail sales of 3,558 units in the same month last year

MG Motor India crosses 100,000 cumulative sales mark in nearly 3 yrs

MG Motor, which started selling its vehicles in India with the launch of Hector SUV in June 2019, currently has a portfolio including the electric SUV, ZS EV, premium SUV Gloster and compact SUV Astor

MG Motor India retail sales decline 22% to 2,008 units in April

MG Motor India on Sunday said its retail sales declined 22 per cent to 2,008 units last month compared to 2,565 in April 2021.

MG Motor India partners with BPCL to bolster EV charging infrastructure

Automaker MG Motor India on Monday said it has partnered with Bharat Petroleum Corporation Ltd (BPCL) to bolster EV charging infrastructure across the country.

Rising input costs, supply chain woes headwinds: MG Motor India prez

Increase in raw material costs and semiconductor prices, coupled with supply chain disruptions could become headwinds for the auto industry, says MG Motor India President Rajeev Chaba

MG Motor India to invest Rs 4,000 crore for a second manufacturing plant

Last year, MG Motor India had announced an investment of Rs 2,500 crore to increase production capacity at its Halol plant

MG Motor India reports 14.5% decline in retail sales at 4,721 units in Mar

MG Motor India reported a 14.5% decline in retail sales in March at 4,721 units, hit by supply chain constraints due to the new COVID-19 variant and the ongoing global semiconductor chip shortage.

MG Motor announces new venture to build EV charging infrastructure

MG Motor India announced a new venture, MG Charge, to build charging infrastructure for electric vehicles with an aim to install 1,000 chargers in residential areas across India in 1,000 days

MG Motor India's retail sales rise 5% to 4,528 units in February

MG Motor India on Tuesday said its retail sales increased 5 per cent year-on-year to 4,528 units in February.

MG Motor India electric vehicle sales up 145% to 2,798 units in 2021

MG Motor India EV sales spiked 145 per cent to 2,798 units in calender year 2021 amid a gradual shift towards electric vehicles in the country, the company said on Monday

MG Motor India posts 43% increase in retail sales in 2021 at 40,273 units

MG Motor India on Saturday reported 43 per cent increase in retail sales in 2021 at 40,273 units.

MG Motor India sees 'fluidic' trends in auto sector in 2022; to focus on EV

Trends in India's domestic automobile market are expected to remain 'fluidic' in 2022 due to unpredictable factors, said automaker MG Motor India.

MG Motor India exploring export opportunities in UK, South Africa

MG Motor India is exploring export opportunities in the UK and South Africa besides drawing up plans to tap right-hand-drive countries in the global automotive market

MG Motor India to drive in electric vehicle at Rs 10-15 lakh by next fiscal

At present, the company sells electric SUV 'ZS EV' which is available in two variants