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China's SAIC to dilute stake in MG Motor India, drive EV sales

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BENGALURU : China's SAIC Motor plans to drop its ownership in MG Motor India to allow domestic entities to take a majority stake, the Indian electric vehicle maker said on Wednesday, as Chinese investments face increased scrutiny by the New Delhi government.MG also plans to invest more than 50 billion rup

BENGALURU : China's SAIC Motor plans to drop its ownership in MG Motor India to allow domestic entities to take a majority stake, the Indian electric vehicle maker said on Wednesday, as Chinese investments face increased scrutiny by the New Delhi government.

While MG did not detail how or when SAIC would start lowering its stake, local media quoted MG managing director, Rajeev Chaba, saying the first step will be announced this year, with the aim to be majority owned by Indians in 2-4 years. Last November, the government asked MG to explain why it posted a loss in 2019-2020, its first year of operations.

 

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