MG Motor India has made a significant investment of Rs 800 crore to manufacture the Comet EV at its plant in Halol, Gujarat.
The company expects the Indian EV market to grow to over 150,000 units annually by 2023, and aims to capture 15-20% market share with the Comet.
This electric car is designed as an affordable and practical intra-city mobility solution, with a range of 230km on a single charge.
MG Motor India plans to produce 3,000 units of the Comet EV per month, gradually ramping up production.
Targeted at the aspirational youth of India, the Comet EV is expected to attract first-time car buyers to MG Motor showrooms.
The company plans to expand capacity to 120,000 units per year by adding a third shift at the Halol plant.
The Comet EV is a unique offering, and potential customers will be guided by showroom staff to determine if it meets their usage criteria.
MG Motor India has localized around 54% of the Comet’s content, with a goal of increasing it to 60% by the end of 2023. The car is likely to be priced around INR 8-10 lakh.
With the ZS EV as its flagship model, MG Motor India hopes to sell 2,500-3,000 units of EVs per month by 2023, contributing to 30% of its total sales.
The company aims to become the second-largest EV maker in India after Tata Motors if it meets its volume targets.
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MG Motor India is focused on breaking even and utilising the Halol plant’s maximum capacity of 120,000 units by next year.
While the company engages with potential investors for a second manufacturing facility, the product planning team is already working on the next set of products for India.
Rajeev Chaba, president and MD, MG Motor India, is confident about the new model and says while the Comet is aimed at the youth, it has a capability to cater to multiple segments.
Alternatively, the company continues to engage with multiple potential investors to prepare for its second manufacturing facility.
“We are not in a desperate hurry for the second plant. We are going one step at a time. We are all focused on making money right now. If we sell 1.2 lakh units next year, we should be profitable. Till then we will continue to rely on ECBs or external commercial borrowings, and loans for working capital to fund the requirements,” he added.
Expanding sales in next 12-18 months and planning for the next phase of expansion are all happening simultaneously at MG Motor India.
Chaba says, the product planning team is working on what could be the next set of products for India and it has a wide array of options that it could bring to the Indian market.
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