MG Motor to Scale Up EV investment

Gurugram, India -- One of the new entrants in the domestic market, MG Motors India Pvt Ltd is planning to increase its investment in the electric vehicle arena in India from 2022.

According to Rajeev Chaba, President, MG Motor India, zero-emission vehicles are to gain significant traction in the medium to long term, which will help the company get a head start.

The plans are to launch an affordable electric vehicle in 2022 in the price range of Rs.12-15 lakh to qualify for subsidy under the government’s Faster Adoption and Manufacturing of (Hybrid and Electric Vehicles (FAME) scheme, besides introducing a new variant of the ZS electric SUV, which will have a 500-km range on a full charge.

Most of the parts for its electric vehicles will be sourced from local suppliers, and lithium-ion batteries and other critical parts will also be assembled in India.

“This is our mid-term to long-term plan. We want to double our bets on electric vehicles and want to be the leader (in the EV space). That is why we will come with a battery with 500km range to show our intent," said Chaba. “Our next electric vehicle will be smaller and will be in between Rs.12-15 lakh with a range of 300km. It will comply for the FAME scheme if it continues."

Image source: Magic Wand Media

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