MG Sales September 2024 – Breakdown YoY, MoM
MG Motor India’s new energy vehicle (NEV) sales in September 2024 made up 49 percent of total units sold. Of 4588 units sold, 2250 were NEVs. Demonstrating a nearly equal split between electric and internal combustion engine (ICE) vehicles. The company continues to make significant strides in India’s automotive market, reporting consistent retail sales since its operations began.
In comparison to the previous year, sales saw a decline. MG Motor India sold 5003 units in September 2023, while September 2024’s figures dropped to 4588 units. Marking a reduction of 415 units. This reflects a year-over-year decrease of 8.30 percent. However, month-over-month comparison between August and September 2024 shows marginal improvement. The company sold 4571 units in August. Increasing by 17 units to 4588 units in September, representing a modest 0.37 percent growth.
ICE vs NEV: 50/50 Split
Breakdown of sales highlights that internal combustion engine (ICE) vehicles still accounted for a slight majority. Reported at 2338 units sold, or 50.96 percent of the total. This near-balance between ICE and NEV sales underlines MG Motor India’s strategic positioning in the evolving automotive landscape. Electric vehicles are gaining traction for some manufacturers but traditional fuel-powered models still hold a significant share.
Several external factors impacted sales performance. The combination of Shraddha, a cultural observance that affects consumer spending, and an extended monsoon season slowed foot traffic at dealerships, resulting in fewer sales. Nevertheless, MG Motor India is optimistic about future sales growth, anticipating improvement during the festive season when consumer demand typically spikes.
MG Motor’s Retail Sales October 2024 Shift: All Aboard the Vaahan Portal
Another key development for the company is its planned transition to the Vaahan Portal in October 2024. This shift is part of MG Motor India’s ongoing efforts to align with national regulatory frameworks for reporting sales and managing registrations more efficiently. The move is expected to streamline operations and provide more transparency in the automotive retail process.
Going forward, the festive season is an important period for MG Motor India. The company is hopeful for increased sales as consumer sentiment improves and seasonal demand grows. Anticipated rise in foot traffic to dealerships will likely contribute to better sales performance, especially in the NEV segment, which has been consistently performing well.
NEVs on the Rise: MG Motor Betting Big on Electric Future
Overall sales trends, including both year-over-year and month-over-month performance, indicate steady competition for NEVs and ICE vehicles.
As consumer preferences shift, MG Motor India’s emphasis on its NEV portfolio is aligned with global trends in electric vehicle adoption. This is particularly significant as the Indian government expects a push for wider adoption of electric vehicles by the decade end.
