By News18
Panaji, Jul 1 (PTI) JSW MG Motor India is betting on its newly established affordable luxury chain 鈥楳G Select鈥 to play a key role in driving profitable growth besides contributing significant volume to its overall sales, according to company Managing Director Anurag Mehrotra.
The company, which is launching its all-electric premium limousine MG M9 this month, is targetting to tap the higher penetration of electric vehicles in the fast growing luxury segment. It is foraying into the affordable luxury segment with MG Select, which will retail premium new energy vehicles (NEVs).
鈥淲e are embarking on a bold journey into the luxury segment, driven by the rapid growth in the luxury automobile segment,鈥 he said.
Mehrotra further said the luxury segment in India is growing at a much faster pace than the mass market and the company is targeting tech-savvy new-age customers who are brand agnostic but are looking for luxury vehicles with new technologies at an affordable price.
鈥淭his is where commitment to new energy vehicles meets our core philosophy of ensuring distinct experiences every time,鈥 he noted.
When asked about the significance of MG Select in the company鈥檚 overall plans, he said, 鈥淪ince MG Select vehicle ticket size is bigger, it will definitely help us in driving profitable growth.鈥 Besides, Mehrotra said, 鈥淚t will also help us unlock volumes considering the potential that the segment has.鈥 He said 鈥渆lectric vehicle penetration in the luxury segment is already higher in luxury cars than it is in mass segments鈥 and is growing at a much faster pace and already over 70 per cent of the company鈥檚 sales comes from NEVs.
JSW MG Motor India has lined up four NEVs in two years to be retailed under the MG Select chain.
It will be launching electric sports car MG Cyberster later this year after the launch of MG M9.
Last year in March JSW MG Motor India announced that it would invest Rs 5,000 crore to enhance production capacity and launch one new car every three to six months. PTI RKL DRR