MG Motor consider financing options to boost EV Business

MG Motor India expects electric vehicles (EVs) to account for a quarter of total sales by the end of the next financial year as the company is preparing to launch the mass-market EV priced at Rs 10-15 lakh.

Rajeev Chaba, president and managing director, MG Motor India has said that this will be the highest for any manufacturer in India in terms of percentage contribution to total sales.

Currently, Tata Motors is the largest EV manufacturer among passenger car manufacturers. In February, battery-powered vehicles and SUVs accounted for 7% of sales. The Tata group's flagship declares that electric vehicles will account for 25% of total sales over the medium to long term.

MG Motors has outlined an investment of Rs 2,000 crore for the current and upcoming fiscal year. It is also looking forward to raising more funds as it seeks to charge up the EV business. It may try to sell a stake of between 10% and 30% and is looking at options including issuing new shares of diluting SAIC’s holding.

On Monday, MG Motors launched an improved version of the ZS EV. It is equipped with the largest 50.3kWh battery in this segment and claims to offer a certification range of 461km on a single charge. There are two variations and the prices are Rs 21,99,800 and Rs 25,88,000 respectively.