MG Motors India expects to achieve profitability by next year

11 Oct 2022 , 08:39 AM

MG Motor India’s President and Managing Director Rajeev Chaba stated on Monday in his interaction with PTI that the firm anticipates turning a profit next year as it seeks to double its sales with increased production capacity.

The business, which has been adversely affected by severe supply chain restrictions, hopes to end the current year with sales of between 55,000 and 56,000.

“We plan to increase our volumes by twofold the next year. If we sell 56,000 units this year and more than 100,000 units in 2023, we will have met our goal. Therefore, we believe that 2019 will undoubtedly be a significant year for us “In a conversation, Chaba told PTI.

He mentioned that the business is about finished expanding its capacity at its Halol-based production facility in Gujarat, which will enable it to increase deliveries to dealers in the upcoming year.

In 2019, the business launched “Hector,” its first product, in India.

When asked about the company’s plans for a second production site in the nation, Chaba responded that other parties are still being consulted. All possibilities, including contract manufacturing, brownfield expansion, and opening a new facility, are being discussed, he continued.

He pointed out that while volumes are crucial, sustainable operations are also essential.

Over Rs3,500 crore have been invested by the corporation in the nation thus far.

Regarding the company’s product strategy, he said that its long-term goal is to become a respectably significant EV player.

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