MG Motor India aims to raise $500 million

MG Motor India announced that it plans to raise $500 million. The capital raised will be used for further development of products and future expansion in the Electric Mobility sector. MG Motor is owned by China’s SAIC group. The company at the moment is seeking to raise this investment from the local players in the country. According to the media reports, the automobile company is already in talks with major equity investors. Rajiv Chaba, Managing Director of MG Motor India has earlier said: “ The company is considering investing about ₹2,000 crore to expand capacity and bring in new products. It plans to launch a range of EVs, from a small hatchback with a starting price under ₹10 lakh, to a compact SUV and high-end D-segment SUV. The compact EVs may be based on the GS or Global Small EV platform jointly developed by SAIC-GM, which may cater to emerging markets, including India and Indonesia. The C- and D-segment EVs may come from the Sigma platform. The EV hatchback, with a range of 200 km on a full charge, will be the first off the mark and will hit the roads in the first quarter of 2023.”