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China SAIC to enter Indian automobile industry

Auto News - Published on Fri, 24 May 2019

Image Source: ET
China's largest carmakers and ranked 41st in the Fortune 500 list of companies, SAIC Motor Corporation, which had revenue of USD 129 billion in 2018, will enter the Indian market by June through its fully-owned British subsidiary MG (Morris Garages) Motors India. It will offer, India's first internet-enabled Sports Utility Vehicle Hector priced at INR 15-20 lakh. Overall, the company aims to launch four vehicles during the next 18 months. Mr P Balendran, Executive Director, MG Motor India, told IANS that "Any player that comes with innovative and differentiated products against the competition can succeed in India. We are determined for a strong footing in India which is estimated to be the third biggest market by 2025 after the US and China. We see the SUV market as a strong bet in the short-term, with many upgrades in the market from compact cars."

Mr Balendran said that "MG's intention is to emerge as a successful player in India and grow with our partners. Over the past two years, we have built a strong foundation for our future in India. A differentiated product offering combined with strong product and service promise gives us confidence of making inroads in this market."

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Posted By : Ratan Singh on Fri, 24 May 2019
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