British automobile company MG Motor's Indian-arm MG Motors India on 1 April reported slump in its retail sales. This decrease is reported to be 23 per cent. As according to data available in public domain, the motor company that sold over 3,14,000 units in 2023. And in 2024, the company is expected to make sale of over 3,19,000 units of vehicles.
Meanwhile, its sale in India appears to have taken a back seat. This, as the automaker had sold 6,051 units in March of 2023. Come March of 2024, the sales dropped to 4,648 units.
In a statement procured by PTI, the company said, "The moderation in automobile industry growth, particularly passenger vehicle sales, evidenced in March, on the back of a delayed festive season and various other factors, should see a gradual positive uptick in the months to come".
The Auto Sector
The auto sector is perhaps one of the most fiercely contested realms of business in the world. And the advent of sustainable options has made the automobile market, a strenuously fought one.
Alternatives in the form of the popular electric or hybrid cars, along with more experimental and less mainstream alternatives of hydrogen driven cars have in many ways forced a transition from petrol and diesel run vehicles, at least in some of segments.
The electric vehicle market specifically has been a tightly contested arena for the past few years, and the likes of Tesla and BYD have left legacy brands far behind.
In India, companies like MG face a stiff competition from indigenous companies including the likes of Tata, Maruti and Mahindra, who are in the process of carving their own position the market, before international players take advantage of the new changes brought in by the Indian government.
