MG Motor India invests Rs 800 crore to produce the Comet EV locally

MG Motor India invests Rs 800 crore to produce the Comet EV locally

MG Comet EV Launch Soon, Expects Electric Car To Cover 30 Percent Of Sales In 2023

MG Motor is looking to gradually ramp up the production capacity of Comet EV to around 3,000 units a month which will have a range of around 230 km on a single charge.

While previewing its electric car Comet, MG Motor India revealed that it has invested around Rs 800 crore to produce the car locally at its plant in Halol, Gujarat.

The company anticipates a strong response and will be gradually ramping up the production of this two-door electric car to around 3,000 units a month. With the Comet due to roll out in the coming days, this will be the second electric vehicle (EV) by the British carmaker after the ZS EV, which was launched in India in 2020.

Rajeev Chaba, MG Motor India President and MD, during a round table interaction with reporters, claimed that the Comet has a range of 230 kms on a single charge and was well suited for intra-city ‘practical’ usage. In his view, the cost of ownership is going to be very economical.

Citing global trends, he noted that electric and plug-in hybrid vehicle sales were now accounting for 30 percent of the overall new sales in China. Similarly, Chaba said it accounts for 20 percent of sales in Europe and 10 percent in the US market.

“In India, we are less than 2 percent, but this number will continue to increase. For India, the tipping point would be when the penetration levels reach 10 percent, and there are more choices for consumers around Rs 10 lakh price range,” he stated. MG Motor has already sold around 10,000 units of ZS EV so far and expects sales of the model to touch 1,000 units a month soon, Chaba said.

He noted that the company has increased the installed manufacturing capacity at its Halol-based plant to 1.2 lakh units a year from 60,000 units in the erstwhile GM regime. “If we are lucky, we could produce between 80,000 to 1 lakh units this year, and next year it should be 1.2 lakh units,” Chaba said.

Chaba noted that the company hit break-even in March this year. “We broke even in March, and we should be able to make a little bit of money this year if we can sell 80,000 to 1 lakh units,” he added.

Chaba said the automaker has invested between Rs 600-700 crore on Comet’s development, which would be rolled out from its Halol-based plant in Gujarat with a localisation content of around 53-54 percent.

Expecting a robust response, MG Motor is looking to gradually ramp up the production capacity of Comet to around 3,000 units a month, he added. Chaba said the car, which could run for around 230 km on a single charge, is well suited for intra-city ‘practical’ usage. The cost of ownership is going to be very economical, Chaba said.

He noted that the company would discourage buyers who do a lot of inter-city trips. “We are going to be very serious about not selling this car to certain categories of people,” Chaba said.

Comet comes with a 17.3 KWH Li-ion battery and can be fully charged in around 7 hours.

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