JSW MG Motor Enters 'Accessible Luxury' Segment with New Retail Channel
By Rediff Money Desk, Gurugram Sep 16, 2024 11:01
JSW MG Motor India is entering the 'accessible luxury' segment with a new retail channel, 'MG Select', and plans to introduce four new energy vehicles in the next two years. The company will focus on providing exclusive experiences and catering to the changing preferences of new-age customers.
Gurugram, Sep 16 (PTI) 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.
When asked about the product launch programme for MG Select, he said, "We will start with two (products) in the next year itself, beginning from the first quarter of 2025."
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.
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.
When asked about the product launch programme for MG Select, he said, "We will start with two (products) in the next year itself, beginning from the first quarter of 2025."
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.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.93 (+ 4.49)
- 29963334
- Alstone Textiles
- 0.80 (+ 5.26)
- 11763642
- AvanceTechnologies
- 0.86 ( -4.44)
- 10967850
- Jaiprakash Power Ven
- 22.70 ( -0.83)
- 10275159
- Vodafone Idea L
- 9.17 ( -1.61)
- 8590921
MORE NEWS
Sensex, Nifty Fall in Early Trade: Market...
Indian stock markets opened lower on Friday, with Sensex and Nifty falling amid global...
Rupee Rises 2 Paise to 83.96 Against US Dollar...
The Indian rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday,...
South Korea Cuts Rates to Boost Economy - AP News
South Korea's central bank lowered its key interest rate by a quarter percentage point...