MG Motor India, a subsidiary of Chinese automobile manufacturer SAIC Motors, on Monday announced its decision to invest Rs5,000 crore over the next six years in the Indian market.
The company will launch its first product in the Indian market by the second quarter of 2019 and will subsequently launch one product every year till 2021.
The Chinese manufacturer will also venture into developing electric vehicles in India since it already boasts of the requisite technology.
MG Motor has also started inviting prospective dealers to its roadshows scheduled to be held in Mumbai on 28 March, in Delhi on 6 April and in Bengaluru on 16 April.
“Led by strong R&D efforts of its parent company SAIC, MG Motor India is also actively considering offering new energy vehicles and is keenly looking to work with all stakeholders involved to implement the technology commercially," the company said in a press release.