January 10, 2019
The Chinese state run automaker also plans to launch an EV in coming years, followed by annual launch of new products covering auto parts, electric engines, ride sharing and auto finance
Driven the growth prospect, foreign automakers such as Renault, Daimler AG, Volvo Cars, Ford Motor, Hyundai Motor, Honda Motor, Nissan Motor, Volkswagen have invested in making in India
SAIC’s plans comes as the Indian auto industry, including components, is expected to reach US$280 billion by 2026; FDI in the auto space over 2000-18 has been reported at US$19.3 billion
MG Motor, already running a plant in Gujarat with annual capacity of 80,000 units, is aiming an expansion to raise capacity to 200,000 units to better compete in the growing Indian market
China’s SAIC Motor is planning its India debut in India in the first half of 2019, according to media reports on January 10, citing official announcement. MG Motor, a subsidiary of SAIC, is looking to launch a sports utility vehicle, Hector, in the first half of 2019 to enter the fast-growing vehicle market. The Chinese state run automaker also plans to launch an electric vehicle in the coming year, followed by annual launch of new products covering auto parts, electric engines, ride sharing, logistics and auto finance. SAIC’s plans comes as the Indian auto industry, including components, is expected to reach US$280 billion by 2026.
Driven the growth prospect, foreign automakers such as Renault, Daimler AG, Volvo Cars, Ford Motor, Hyundai Motor, Honda Motor, Nissan Motor, Volkswagen have invested in making in India. The nation’s auto industry had became the fourth largest in the world with sales increasing 9.5 per cent to over 4 million units (excluding two wheelers) in 2017. Over the next decade, India expected to become the third largest auto market. Apart from rising local sales, the nation has also come up as a high-margin and high-quality export destination. Hence, FDI in the auto space over 2000-18 has been reported at US$19.3 billion.
MG Motor is already running a plant in Gujarat with annual capacity of 80,000 units, and is planning an expansion to raise capacity to 200,000 units. With the expansion, the company is likely to introduce its Maxus commercial vehicle range in India. Last year, the company had announced an investment plan of around US$710 million for the next five to year to effectively compete in India. MG Motor’s India plans come in line with that of South Korea’s Kia Motor which is setting up a US$1.1 billion production plant in Andhra Pradesh with annual output capacity of 300,000 units to support its Indian debut in 2019.