New Delhi: JSW MG Motor India has strengthened its auto game by being the first OEM in India to earn 40% of its sales from its EV portfolio. MG Motor has repositioned its EV sales through different business strategies making a 50% increase within 6 months, told Satinder Singh Bajwa, Chief Business Officer at Morris Garages India to ETAuto.
Currently, MG has diversified portfolio including Hector, Gloster, ZS EV, and Comet as one of the most popular EV names. MG that used to sell around 400 Comet half a year back has now sold around 900 Comet last month, due to its repositioning strategy i.e customization for its customers. Making it the first OEM in India to power its 40% sales through electric cars, “ our EV volume contributed almost 40% of our total monthly volume in June and a month before it was 35%,” added CBO.
The company has recently repositioned its two variants; ZS EV (priced at INR 18.98 Lakh) and Comet (priced at INR 7.45 Lakh) to drive its EV growth in India.
This is attributed due to its raining days in sales for H1 FY24. In January MG sold 2,922 units observing 7.2% decline (Y-o-Y) whereas February and March recorded positive sales for MG. In the beginning of this Financial Year (April) the company again recorded a drop in Y-o-Y sales for 10%, while for May it remained slightly positive but the decline cycle continues in June too when MG recorded negative 9% growth.
Talking about the need to re-strategise the techniques for MG, Bajwa said, “I think it is very important that the product (ZS EV) has got a very strong acceptance. That’s the strength of that product. Customers who are using ZS EV, they’re very happy with the product. When you buy an EV, your anxiety is largely about the range. ZS EV, I think largely the product is delivering to the expectation of the customers.”
Future Plans
To boost its EV portfolio, MG Motor is planning to launch new products in the coming years as reported by ETAuto earlier. The first new product launch is expected to be in the Q3 of FY25. “Following that, we are lining up that we should have a new product every five to six months and we will be present in the segments,” said Bajwa.
However, the company which dominates its portfolio in SUVs might enter the Sedan and Hatchback segment when it would be ‘appropriate’ for the company, said Bajwa taking about the company’s entry in different segments.
MG is emphasising on its fundamentals in India through vehicle selling and it is parallel focusing on building consumer confidence. “We are not in a hurry right now because we have to only focus on building volumes. I think we are first trying to put the fundamentals in place, and then bring the right products to the Indian market and then look at scaling it up gradually,” added Bajwa.
Currently, the company has 400 touch points (sales, service, secondary outlets, and others) aiming to touch 600 touch points this year with 20% additional sales from non-urban areas.
