JSW MG Car Sales in July 2024: EVs contributed 35% in Total sales

JSW MG Motor India July 2024 Sales Performance

JSW MG Motor India reported retail sales of 4,572 units in July 2024. The electric vehicle lineup accounted for a significant portion of these sales, with 1,601 units sold, representing over 35% of total sales. Meanwhile, Internal Combustion Engine (ICE) vehicles made up the remaining 2,971 units, accounting for 64.98% of total sales. In which the best performing model is MG Hector followed by MG Comet EV. 

Sales Analysis: Year-over-Year and Month-over-Month Declines

Compared to July 2023, there was an 8.78% year-over-year decrease in sales, with a reduction of 440 units from the 5,012 units sold in July 2023. Month-over-month sales also experienced a slight decline of 1.55%, decreasing by 72 units from 4,644 units in June 2024. Despite the overall sales decline, MG's electric lineup is showing strong performance, indicating that consumers are increasingly open to adopting electric cars over traditional internal combustion engines. Although the sales numbers for MG EVs are not yet high, they still represent significant progress in the market.

JSW MG Motor India is set to expand its electric vehicle portfolio to capitalize on the projected growth in the electric vehicle segment. The upcoming unveiling of the MG Cloud EV, anticipated to be named the Windsor, will soon add to MG's lineup of electric cars.

Category	July 2024	July 2023	% Change YOY	June 2024	% Change MOM
Total Sales	4,572	5,012	-8.78%	4,644	-1.55%
EV Sales	1,601	1,754	-8.72%	1,861	-13.97%
EV Sales (% of Total)	35%	34.99%	0	40.07%	5%
ICE Sales	2,971	3,258	-8.80%	2,783	6.75%
ICE Sales (% of Total)	64.98%	65%	0	60%	5%

Launch of India's First CUV in 2024

In line with its strategy to diversify its offerings, JSW MG Motor India is set to launch India's first Crossover Utility Vehicle (CUV) during the 2024 festive season. This new addition to the product lineup is expected to enhance the company's market position and attract a broader customer base seeking versatile and innovative vehicles.

Strategic Market Positioning

JSW MG Motor India is strategically positioning itself to lead the automotive industry's transformation towards electric vehicles. By offering a balanced mix of ICE and electric models, the company aims to cater to diverse customer preferences and capture a larger market share. The introduction of the CUV is a key move to strengthen its competitive edge.

Conclusion

The sales data for July 2024 offers insights into JSW MG Motor India's current market performance and future growth potential. While overall sales have faced challenges, the strong performance of the electric portfolio showcases opportunities for expansion in the electric vehicle segment.