MG Motor to increase India EV investment from 20221 min read . Updated: 03 Jun 2020, 11:59 PM IST
Rajeev Chaba, president, MG Motor India, said zero-emission vehicles will gain significant traction in the medium to long term, which will help the automobile company get a head star
MG Motor India Pvt. Ltd plans to make additional investments in its electric vehicle business in two years when it hopes for normalcy to return to the Indian economy.
Rajeev Chaba, president, MG Motor India, said zero-emission vehicles will gain significant traction in the medium to long term, which will help the automobile company get a head start.
In 2022, MG Motor plans to launch an affordable electric vehicle in the ₹12-15 lakh price range to qualify for subsidy under the government’s Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) scheme, besides introducing a new variant of the ZS electric sport-utility vehicle (SUV), which will have a 500-km range on a full charge.
The company also plans to source from local suppliers most of the parts for its electric vehicles, and also start assembling lithium-ion batteries and other critical parts in India.
“This is our mid-term to long-term plan. We want to double our bets on electric vehicles and want to be the leader (in the EV space). That’s why we will come with a battery with 500km range to show our intent," said Chaba. “Our next electric vehicle will be smaller and will be in between ₹12-15 lakh with a range of 300km. It will comply for the FAME scheme if it continues."