MG Motor India reports sales decline in March 2022, remains in the green for the quarter ended Q1 2022
With circumstances dictated by the ongoing global semiconductor chip shortage, auto sales are impacted. This comes close on the heels of a long term Covid-19 pandemic impacted the business environment.
With Covid-19 waves still dictating how business is conducted, production of key parts continues to be affected in ensuring a safe workplace in the face of an ongoing lockdown. However, governments too are ensuring ease of production during these difficult times by advocating for closed loop approaches to limit impact.
With expectations for the chip shortage that’s for long been rearing its ugly head to be a matter in the past in the months to come, most are looking forward to such a period. Until then, the launch of new Astor helps boost recent company prospects.
MG Motor India Sales March 2022
MG Motor India reports sales decline at 14.60 percent for March 2022. Sales fell by some 800 odd units, down to 4,721 units from 5,528 units. MoM sales decline was less steep at just over 4 percent. Sales fell from 4,528 units at volume loss of 193 units.
For Q1 2022, MG Motor India reports sales at 13,555 units. While acquiring chips has been a struggle, MG has held its own with sales being marginally up for the quarter at under a percent. Volume gain stood at under 100 units, up from 13,459 units. In Q4 2021, sales stood at 7,894 units. No doubt, the quarter just concluded far better. Growth from Q4 2021 is up at 71.71 percent at volume gain of 5,661 units. On a YoY basis or quarterly, Q1 2022 sees MG Motor India advance steadily.
New 2022 MG ZS EV
MG Motor India reports 69 percent growth in Q1 2022 over the preceding quarter of Q4 2021. The manufacturer has been strategic in its production portfolio expansion in India. With Hector leading the way, and Gloster cementing its UV making prowess, the newer and smaller Astor is yet another shot in the arm.
On the EV front, the new ZS EV launch earlier in March has already seen 1.5k bookings. New ZS EV features a 50.3 kWh battery with advanced tech, and goes 461 km certified range on a single charge.
Being a fairly new entrant in the market, MG appears to have set its sight on market share growth when it comes to regular cars and EVs. To cope in a timely manner, the company continues to assess and align production in the face of current supply constraints.