(qlmbusinessnews.com Mon, 16th Oct, 2023) London, UK —
MG Motors Revs Up UK Market with Over £1 Billion in Sales, A Leader in Electric Vehicles
MG Motors, a brand owned by Chinese company SAIC Motor Corp, has reported a significant boost in UK sales, surpassing £1 billion in 2022, largely driven by the demand for electric and hybrid vehicles. MG Motors announced bumper pre-tax profits in the UK, amounting to £54.2 million for 2022, a remarkable increase compared to £4.3 million the previous year.
The Chinese state has been strongly supporting electric vehicles (EVs), leading to an expansion in the production of EV batteries by Chinese firms and the emergence of new EV manufacturers. Notably, a growing number of vehicles, including MG cars, are being exported from Shanghai worldwide.
It's worth remembering that MG Rover was the last UK-owned volume car manufacturer before its collapse in 2005. SAIC, a state-controlled company and China's largest car manufacturer, acquired much of the brand, and MG vehicle production was moved to Shanghai in 2016.
In response to the impressive 2022 results, MG Motors stated that it is in an advantageous position to capitalize on the ongoing shift towards electric vehicles over the next decade. Sales were notably boosted by the popularity of MG's ZS, MG 5, and HS PHEV models in the UK, and the company has plans for more cars in 2024.
The MG ZS, being one of the most affordable electric cars in the UK, has enjoyed considerable success, ranking among the top five most popular cars in recent months. The British car market has witnessed increasing demand for Chinese brands, particularly electrified models, in a competitive market.
China's role in the global automotive industry is growing, with the country exporting over one million vehicles globally in the first three months of 2023, making it the world's largest car exporter, surpassing Japan. Aside from the surge in EV demand, Chinese vehicle exports have also benefited from sales to Russia due to Western sanctions following the Ukraine conflict.
Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), highlighted the success of Chinese brands and UK-built vehicles in Asian markets and the need for the UK to ensure trade with Asia is free and fair.
While the ban on new petrol and diesel car sales in the UK was recently pushed back from 2030 to 2035, car manufacturers still face strict quotas for selling electric vehicles from January, with over 20% of vehicles sold required to be electric. This indicates that the shift towards electric vehicles in the UK remains a prominent focus for the industry.
The news of MG Motors' remarkable sales performance reflects the global shift towards electric vehicles and the competitive presence of Chinese automakers in the UK car market.
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
