iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

JSW MG Motor India's August Sales Up 9%

4 Sep 2024 , 10:16 AM

JSW MG Motor India’s retail sales rose by 9% year-on-year in August, reaching 4,571 units.

In August 2023, the company sold 4,185 units. Over 35% of the retail sales in August 2024 were new energy vehicles (NEVs), including the flagship electric vehicle ZS and the Comet. The company will launch a new model, Windsor, on September 11, 2024.

JSW MG Motor India Pvt Ltd, previously MG Motor India Private Limited until 2024, is an automobile manufacturer established in 2019. Since 2023, it has been a joint venture between India’s JSW Group and China’s SAIC Motor.

The subsidiary was set up by SAIC Motor in 2017 and began operations in 2019 at a former General Motors facility in Halol, Gujarat.

The company initially planned a $650 million investment, but funding was restricted due to geopolitical tensions in 2020.

In May 2023, MG Motor India sought to localize by raising capital through Indian markets and reducing SAIC’s shareholding.

By November 2023, JSW Group acquired a 35% stake in the company through a strategic joint venture. IndoEdge India Fund bought an 8% stake, while a dealer trust and an employee stock ownership plan acquired 3% and 5% stakes, respectively.

Related Tags

  • Auto sales
  • JSW MG Motor India
  • Sales News
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.