Post the fund infusion from JSW Group, five new products have been approved for market launch in the coming 12 months, says Rajeev Chaba, CEO Emeritus.

With new funds from its partner, JSW Group, the British brand MG Motor will launch its Vision 2.0 plan by releasing a new product every 10 weeks for the next year.

JSW MG Motor India plans to update its ageing product lineup and reach more customers by introducing new products priced between Rs 15 lakh and Rs 50 lakh, according to top management.

On Tuesday, Rajeev Chaba, CEO Emeritus, JSW MG Motor India, told media persons, “One of the joint venture's most significant priorities was getting approvals of the new products. I am happy to say that we have five new products approved for launch next year. Two will be premium products, and three will be mainstream products.”

The first new model will likely be the Cloud EV, a crossover sports utility vehicle. It will be priced between Rs 15 lakh and Rs 20 lakh, fitting between the Comet EV and ZS EV in their lineup.

Next, JSW MG Motor may release a Bingo hatchback and a D-segment SUV based on its global Starlight SUV. The top-end SUV will likely join the Gloster lineup and could have both a Plug-in Hybrid and a battery-electric version. These three models are expected to be manufactured locally. Additionally, the company plans to open premium outlets to sell the Cyberster and MG7 EV, according to sources.

Chaba did not provide details about models beyond the crossover utility vehicle (CUV). He mentioned that the CUV will keep MG’s DNA by being a high-tech product that combines the comfort of a sedan with the utility of an SUV.

“Just imagine an SUV with good, huge inside space. Visualise that vehicle; it's an intelligent SUV. It will be loaded with features as has been the tradition of MG. It will be a smart CUV scheduled for a September launch. Beyond that, I cannot share more details,” added Chaba.

With investment plans of Rs 5000 crore, the company is working hard to increase its capacity. They are acquiring land to add a new manufacturing line at Halol, near Vadodara in Gujarat.

The company is also building a battery assembly plant within its Halol factory to increase local production.

Chaba says, “We should expand fast. As we speak, we are looking at increasing our capacity from 100,000 to 300,000 (units). And when you have 300,000, you can do other products within the plant. So, that's our plan. So, we should aim to produce and sell 300,000 cars in three to five years.”

The CEO of the company admits that the market is slow and MG's sales have been lower than expected, causing an increase in stock at dealerships. However, with the festive season coming and new product launches, he expects monthly sales to grow.

JSW MG Motor India has recently seen its average monthly sales drop to less than 5000 units. However, with the introduction of new products, Chaba anticipates the company could achieve sales of 70,000 to 75,000 units in the current financial year.

“We expect the second quarter to be better than the first and with the festive season, the momentum will further accelerate. I expect the market to grow by 7-8% in the current financial year,” added Chaba.

In addition to launching new products and increasing production capacity, JSW MG Motor is expanding its network from 400 outlets to 600 outlets. They are also focusing on reaching new buyers in rural areas.