MG Motors stated that it is in a very strong position to take advantage of the transition to electric vehicles after posting UK sales of over £1 billion in 2022. SAIC Motor Corp, the Chinese corporation that owns the brand, reported that demand for its electric and hybrid vehicles caused its sales volumes to more than double.
It reported £54.2 million in pre-tax profits in the United Kingdom for 2022, compared to £4.3 million the previous year.
The results emerge as China dominates the electric vehicle market. Several new automotive companies have emerged as a result of the increased production of batteries by Chinese companies, fueled by state subsidies.
An expanding number of automobiles, including MG automobiles, are exported worldwide from Shanghai.
The production of MG vehicles, which dates back more than a century, was relocated to Shanghai in 2016, ending production at the Longbridge plant in the United Kingdom.
However, the brand has been revitalized by its owners, who stated in the company's most recent financial results release on Saturday that the company is in a "very strong position to take advantage of the increasing consumer moves into electric vehicles" over the next ten to fifteen years.
Ian Plummer, commercial director of car-selling website Auto Trader, remarked that MG is attracting a lot of attention. They have benefited from excellent stock availability and affordable pricing.
They are quietly outselling Polestar and Tesla, making them a company to monitor.
Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said: "In recent years, a growing number of Chinese brands and cars manufactured in China for other brands have entered the UK market with great success."
These models, which are mostly electric, are in high demand in a market where competition is intense.
China exported more than one million automobiles worldwide during the first three months of 2023, surpassing Japan as the world's largest exporter of automobiles.
In addition to the rising demand for electric vehicles, China's exports have been bolstered by sales to Russia, as many Western nations impose sanctions on Moscow for its invasion of Ukraine.
In addition to exports, Mr. Hawes stated that China was among the top five export destinations for vehicles manufactured in the United Kingdom, adding that the country must "ensure trade is free and fair, with robust engagement, so that it can equally take advantage of fast-growing Asian markets."
The latest figures from the Society of Motor Manufacturers and Traders (SMMT) indicate that sales of new electric cars to private purchasers in the United Kingdom decreased significantly in September compared to the same month last year.
Last month, Prime Minister Rishi Sunak announced a five-year delay, from 2030 to 2035, for a prohibition on the sale of new gasoline and diesel vehicles.
The announcement was met with mixed reactions from automakers, the majority of which have begun investing significantly in the production of electric vehicles.
Despite the delay in the ban, firms will still be required to meet stringent quotas for the sale of electric vehicles beginning in January, with slightly more than a fifth of all vehicles sold being required to be electric.
