With the continuing tensions on the Indochina border, it has often been reported that companies with Chinese connections have faced obstacles in obtaining approvals for new investments. According to the TOI report, sources confirmed that MG Motor India has been waiting for government approval for about two years to raise funds from parent company SAIC. With little success in sight, the automaker is now seeking domestic entities to raise capital for its expansion strategy.
Skoda Superb is coming back soon: New-gen Superb to be produced in India soon after launch | TOI Auto
On May 10, MG Motor India announced that it will raise capital and make investments worth Rs 5,000 crore in the country. The automaker is to develop a new manufacturing plant in Gujarat and expand its annual production capacity to three lakh units over the next five years. However, the goal of the expansion plan lies in expanding MG India’s electric vehicle portfolio by 2028. The company has announced that it will launch four to five new all-electric models over the next five years and aims to get 65 to 75 percent of revenue from its EV portfolio in the future.