MG Motor India, the Indian subsidiary of British carmaker MG Motors, has announced plans to invest Rs 800 crore (approximately $107 million) in the local production of its Comet electric vehicle (EV). The investment will be made in a phased manner over the next few years.
The Comet EV is an all-electric SUV that was unveiled by MG Motor India at the 2022 Auto Expo in Delhi. The company claims that the vehicle will have a range of over 500 kilometers on a single charge and will be able to accelerate from 0 to 100 kilometers per hour in under 5 seconds.
The local production of the Comet EV is part of MG Motor India's larger strategy to increase its presence in the Indian EV market. The company has already launched the ZS EV, an electric SUV, in India and has plans to launch more EV models in the near future.
The investment in local production will help MG Motor India reduce its dependence on imports and also enable it to offer the Comet EV at a competitive price. The company has already set up a manufacturing facility in Gujarat and is in the process of setting up another plant in Tamil Nadu.
The move is also in line with the Indian government's push for the adoption of EVs in the country. The government has set a target of having 30% of all vehicles on Indian roads be electric by 2030.
Overall, the investment by MG Motor India in the local production of the Comet EV is a positive step towards the growth of the Indian EV market and will speed up the nation's adoption of EVs.
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