 "MG Motor")
JSW MG Motor India will enter the ‘accessible luxury’ segment.
JSW MG Motor India will enter the ‘accessible luxury’ segment with plans to introduce four new energy vehicles in the next two years for which it is setting up a new retail channel brand, ‘MG Select’, according to company Chief Growth Officer, Gaurav Gupta.
The company plans to set up exclusive experience centres in 12 cities across India in the first year.
“With MG Select we will be bringing in four new products over the next two years to begin with,” Gupta told PTI here.
“We will be bringing in fresh, new platforms and products and these will be across the new energy vehicles (NEV) platform. So, it will have plug-in hybrids, hybrids and electric vehicles,” said Gupta, however, he clarified that MG Select is not purely an EV channel.
“The MG Select channel is for ‘premium entry’ of MG Motor India. It will bring in accessible luxury products for the new age customer of today,” he added.
At present the entry luxury car segment in India is at a price range of around Rs 45 lakh with vehicles like BMW 2 Series, Audi Q3 and Mercedes-Benz A Class dominating the category.
Gupta said the company’s existing six models, including Hector, Astor, Comet EV and the newly launched Windsor EV, will continue to play in the mainstream segment through the current sales network.
On the reasons for the foray into the new segment, Gupta said, “So far we’ve been in the mainstream or mass premium so far as an MG brand but what we have observed is that there is a growing opportunity in the new India’s preference towards accessible luxury and also ‘new age’ choices that are coming in the marketplace.”
The luxury car segment in India is just about a 1 per cent of the overall industry, which was 42 lakh units last year, he said, adding the opportunities and the options available to the consumers have been pretty much the same for many years. Further, he said, “I think there is a good opportunity available to bring in an era of freshness, an era of disruption, a new way of bringing in exclusive experiences curation for the customer.”
When asked if MG Select would focus only on SUVs, he said, “Our approach also will not be limited to a particular body style. This is going to be the luxury portfolio that we are going to be bringing in that will cater to different body styles and support different requirements, because the new age customer has got a choice or a desire for a car for every purpose.”
On the network expansion plans for MG Select, Gupta said, “We are targeting 12 cities in the first year in phase one, and then we will keep expanding to the other cities over time.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 16 2024 | 11:19 AM IST
