MG Motors Experiences Rapid Growth in UK Electric Car Sales
MG Motors Experiences Rapid Growth in UK Electric Car Sales - Motor Mouth MG Motors, owned by Chinese company SAIC Motor Corp, has reported UK sales of over £1 billion in 2022 due to the growing demand for electric and hybrid vehicles. The brand saw a significant increase in sales volumes, more than doubling its figures from the previous year. This positive performance resulted in pre-tax profits of £54.2 million, a substantial improvement compared to £4.3 million in the previousyear. China’s dominance in electric vehicle (EV) production has played a key role in MG Motors’ success, with its export of over a million vehicles during the first quarter of 2023. The UK recently announced a delay in the ban on new petrol and diesel car sales, extending it from 2030 to 2035, but car manufacturers still face strict quotas for electric car sales starting in January.
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MG Motors, owned by Chinese company SAIC Motor Corp, has reported UK sales of over £1 billion in 2022, attributing this success to the growing demand for electric and hybrid vehicles. The brand saw a significant increase in sales volumes, more than doubling its figures from the previous year. This positive performance resulted in pre-tax profits of £54.2 million, a substantial improvement compared to £4.3 million in the previous year.
China’s dominance in electric vehicle (EV) production has played a key role in MG Motors’ success. Propelled by government subsidies, Chinese companies have increased their battery production capacity, leading to the emergence of several new car manufacturers. MG Motors, along with other brands, primarily ships its vehicles from Shanghai to various global markets.
MG Rover was the last major British-owned volume car maker before its collapse in 2005. SAIC, China’s largest car manufacturer, acquired a majority stake in the brand, while the remaining shares were obtained by the Nanjing Automobile Group. The two entities merged in 2007, and the production of MG vehicles was subsequently relocated to Shanghai in 2016, effectively ceasing manufacturing operations at the Longbridge plant in the UK.
However, under the ownership of SAIC, MG Motors has experienced a revival. In its latest financial release, the company expressed its confidence in its ability to capitalize on the growing trend of consumers transitioning to electric cars over the next decade. Its recent UK sales success can be attributed to popular models such as the MG ZS, MG 5, and HS PHEV. The brand also announced its plans to introduce more models by 2024.
The MG ZS, one of the most affordable electric cars available in the UK, has gained significant popularity, with it being one of the top five bestselling cars according to the Society of Motor Manufacturers and Traders (SMMT).
China’s export of over a million vehicles during the first quarter of 2023 has propelled it to the position of the world’s largest car exporter, surpassing Japan. In addition to the increase in electric car demand, Chinese exports have been boosted by sales to Russia, as many Western countries have imposed sanctions on Moscow following the Ukraine invasion.
The UK recently announced a delay in the ban on new petrol and diesel car sales, extending it from 2030 to 2035. However, car manufacturers still face strict quotas for electric car sales starting in January, with more than a fifth of vehicles sold needing to be electric.
Chủ đề: Green Energy, United Kingdom, Electric Vehicles