Tag Archives: maker

Featured

MG Motor Could Soon Become Indian As These Companies Eye Major Stake Acquisition


Currently, the maker of the Hector and Comet EV is wholly owned by Shanghai-based SAIC Motors

MG Comet EV

  • MG had previously announced its plans to sell its majority stake to Indian investors with the aim of localizing the company.

  • Companies such as Mahindra, Hinduja, Reliance, and Jindal Steel have reportedly expressed interest in acquiring MG Motor India.

  • Any of these companies could potentially acquire a majority stake, resulting in MG becoming an India-owned company.

  • Due to the ongoing tensions between India and China, MG faced sanctions on fundraising activities.

  • MG has also announced its plans to introduce 4-5 new cars in India within the next five years.

MG recently revealed its plans to gradually transfer ownership to Indian stakeholders over the next two to four years. As a result, several Indian companies have shown interest in acquiring the carmaker, which intends to launch 4-5 new cars in the next five years. Currently, MG Motor India is wholly owned by SAIC Motor, a Shanghai-based company.

MG Astor

Who Could Become The New Majority Owner Of MG Motor India?

Carmakers like Mahindra and Mahindra, Hinduja (promoter of Ashok Leyland), Reliance, and JSW Group are reportedly interested in acquiring a majority stake in MG Motor India. Reports suggest that any of these companies could acquire a 45-48% stake in the company, with additional percentage going to dealers and Indian employees.

How Will It Change Things For MG?

With the infusion of Indian equity over the next few years, SAIC will become a minority stakeholder, holding around 49% or less. This would transform MG Motor India into a genuinely Indian company, removing its association as a ‘Chinese brand’.

Also Read: Is This The EV MG Should Have Brought To India Instead Of The Comet EV?

Due to ongoing tensions between India and China, MG Motor India was unable to raise funds from its parent company, SAIC. Sanctions on these fundraising activities have also hindered the carmaker’s expansion plans. However, this move will allow MG to attract investments from Indian companies and facilitate brand growth while meeting the demand. 

Currently, MG has five models in its lineup – Comet EV, Astor, Hector, ZS EV, and Gloster. If and when this move gets confirmed, we can expect many new models being launched in the country, perhaps more than just the planned 4-5 over the next five years. 

VolvoCars

Media advisory – not for publication: Volvo Cars at SMMT Test Day 2023

At Volvo Cars, we are busy working towards our ambition of being a fully electric car maker by 2030. There’s the new EX30 small SUV and EX90 large SUV on the horizon, but we have also recently updated our existing pure electric models – the C40 and XC40 Recharge. With a longer range and improved efficiency, these upgraded models are both now capable of more than 300 miles on a single charge.

The international media launch of these (pre-production) cars was in late April, but we have secured two left-hand-drive models from Sweden to bring to SMMT Test Day. This is the first time that anyone will have driven these cars in the UK, so please visit the Volvo stand to sample them.

We will also have the V60 and XC90 plug-in hybrid models to test, complete with our latest Android-powered infotainment system, along with the rugged V90 Cross Country in a rather fetching Bright Dusk colour.

These are the cars that will be available to drive on the hill route at Millbrook:

•    C40 Recharge RWD (updated, single-motor, rear-wheel-drive version)

•    XC40 Recharge Twin AWD (updated, dual-motor, all-wheel-drive version)

•    V60 Recharge Plug-in Hybrid T6 AWD

•    V90 Cross Country B5 AWD

•    XC90 Recharge Plug-in Hybrid T8 AWD

And as if that wasn’t enough, there will be a special appearance from one of our iconic heritage models – an immaculate, low-mileage 240 GLT from 1989 will be on static display.

Of course, it wouldn’t be Volvo if we didn’t add a little Swedish flavour to Test Day, so we invite you to join us for Fika throughout the day. A variety of sweet treats, tea, coffee and soft drinks will be available if you fancy a break and a chat with the team. We all look forward to catching up with you.

See you on Thursday!

The Volvo Car UK PR team

Keywords:

Product News

Descriptions and facts in this press material relate to Volvo Car UK’s car range. Described features might be optional. All information is correct at time of going to press and may be altered without prior notification.