This car maker has grown spectacularly in the local market in the past six years, as cost conscious buyers have flocked to it. Now it plans to expand its model range.
Booming Chinese brand MG has revealed ambitious plans to expand its range, grow sales and eventually compete at the premium end of the EV market.
Speaking at the launch of the MG4 electric hatchback, MG chief executive Peter Ciao confirmed the company would expand its range before the end of the year with a dual-motor, 320kW performance version of the hatchback, dubbed X-Power.
That model will sit at the top of the MG4 range and is likely to cost more than $60,000.
Next year, the company will launch new versions of the MG3 hatchback and HS family SUV, building on the recent launch of the small MG5 sedan.
It will also launch a new electric SUV before the end of next year. That is likely to be the MG LS6, a large coupe-styled electric SUV that is likely to have a price range pushing close to six figures.
MG says it plans to eventually sell 2000 MG4 electric hatchbacks a month. Picture: Supplied.
MG has already taken more than 1000 orders for the MG4 and the company believes it can sell 1000 a month initially, moving quickly to 2000 a month, depending on supply.
It’s an ambitious sales target, but MG believes the 4, which starts from $38,990 plus on-roads, will take sales away from traditional petrol and hybrid hatchbacks.
MG product manager Kevin Kou says that once state-based EV subsidies – which range from $3000 to $6000 – are taken into account, the MG4 essentially costs the same as petrol and hybrid alternatives.
“EVs are not just the domain of those with a lot of money. It’s now affordable. So if you factor that into consideration, this is the growth area for MG,” he says.
MG says affordable EVs will be a growth market for the brand. Picture: Supplied.
The brand is also looking to chase the premium end of the market with the family sized LS6 coupe-style SUV, which is roughly the size of a Tesla Model X.
That model is slated to make its public debut at the Chengdu Motor Show at the end of this month and expected to enter production before the end of the year.
Overseas reports suggest it will be a dual-motor, all-wheel-drive SUV, with standard and performance models. Power outputs are expected to exceed those of the Model Y, while it will also offer 800V fast charging.
“I’m still working on that and still negotiating,” Mr Ciao said.
MG has enjoyed spectacular growth in the past six years. Picture: Supplied.
MG has enjoyed spectacular growth in its six years in Australia, winning over buyers by offering sharp prices and generous equipment levels at a time when mainstream makers have dropped the cheapest models from their range.
It has overtaken established brands such as Volkswagen, Subaru and Nissan and is on the verge of breaking into the top five carmakers in the country, with more than 32,000 sales in the first seven months of this year. In 2018, its first full year on sale, it attracted just 3007 buyers. Last month alone, it had 5347 sales.
Keyword: MG announces bold plans for Australian market