MG Motor super charges electric vehicle biz, weighs funding options

MG outlined an investment of Rs2000 crore for FY22 and FY23 and is currently weighing various options to raise more funds as it seeks to charge up the EV business.

MG Motor India envisages a fourth of its total sales coming from electric vehicles (EVs) by the end of FY23 as the company gears up to launch a mass market EV priced at Rs10-15 lakh.

MG Motor India envisages a fourth of its total sales coming from electric vehicles (EVs) by the end of 2022-23 (FY23) as the company gears up to launch a mass-market EV priced at Rs 10-15 lakh.

In terms of percentage contribution to total sales, this will be the highest for any manufacturer in India, claims Rajeev Chaba, president and managing director, MG Motor India.

“Continuing the EV story,