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MG India: EVs could account for 25% of total sales in 2023

MG Motor India has earmarked an investment of Rs. 2,000 crore to ramp up capacity and localize EV components.

MG Motor India expects EVs to account for 25% of its total sales volume by next year.

MG plans to ramp up its manufacturing capacity from 75,000 to 1,20,000 units per annum in 2023 and has earmarked an investment of Rs. 2,000 crore for the same.

Currently, the brand offers the ZS EV in India. The electric SUV is priced from Rs. 21.99 lakh (ex-showroom). The carmaker also plans to introduce a second EV in the first quarter of the next year. It is expected to be positioned below the ZS EV.

According to the company, the fresh investment will also be used to improve the localization of the two EVs, which should bring down the prices.

Source: Economic Times

 
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