Latest news with #MGSales
Yahoo
22-03-2025
- Automotive
- Yahoo
SAIC Motor suspends pickup truck production in Thailand
Chinese automaker SAIC Motor's Thai joint venture, SAIC Motor-CP, this week confirmed that it has suspended production of its MG Extender pickup truck altogether until market conditions in the country improve significantly. The company has a vehicle assembly plant in Rayong province with a production capacity of 100,000 units per year. The overall Thai domestic vehicle market dropped by 26% to 572,675 units last year, driven lower by a 38% plunge in pickup truck sales to 163,328 units, as banks and vehicle finance companies tightened lending as non-performing loans (NPLs) continued to soar throughout the year. SAIC Motor's local distributor, MG Sales (Thailand) Company, sold just 1,124 Extender models in 2024, while local production fell to just a trickle as stocks continued to build up. The MG brand's overall sales in Thailand more than doubled to 17,240 units last year, however, as the company introduced new models including the MG3 and the locally-made MG Mullan crossover vehicle. The company has set a sales target of 20,000 vehicles for 2025, with electrified models expected to account for 60% of these – up from 50% last year. Pongsak Lertruedeewattanavong, vice president of MG Sales (Thailand), said in a statement: "Pickups are not our main products at this moment, so we are not severely affected by the production halt. We will come back to produce pickups when the market recovers." "SAIC Motor suspends pickup truck production in Thailand" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
ArabGT
25-02-2025
- Automotive
- ArabGT
MG Sales Hit Record High in the Middle East
MG Sales in the Middle East have reached an all-time high in 2024, with 70,033 vehicles delivered across the region. This marks a substantial increase from 2023's 63,691 units, reinforcing the brand's growing dominance. The brand, which originates from Britain and is now owned by China's SAIC Motor, continues to experience strong demand. SAIC Motor also announced impressive global results, delivering 4.639 million vehicles worldwide, including record-breaking sales of new energy vehicles (NEVs). Saudi Arabia Leads MG Sales in the Region A significant contributor to MG Sales growth is the strong performance in Saudi Arabia, the UAE, and Iraq. Leading the way, Saudi Arabia recorded 24,500 sales, solidifying its importance as a key market. In line with its commitment to the region, MG has appointed a subsidiary of Mohamed Yousuf Naghi Group as its authorized distributor in the Kingdom. The UAE secured second place, achieving 12,900 sales, marking a 29% increase compared to 2023. Meanwhile, MG Sales across the Gulf region grew by 10%, driven by the brand's focus on innovative design, advanced safety features, and competitive value offerings. Innovation and Expansion Fuel MG Sales Growth The sustained rise in Sales is attributed to SAIC Motor's technology-driven strategy, which accelerates technical advancements and innovation. MG has made substantial progress in the NEV sector, aligning with its 'seven technical foundations' approach to enhance its global research and development capabilities. One of the major factors behind the MG Sales success in the region has been the introduction of seven new models over the past year, catering to various market preferences. The lineup includes internal combustion engine models such as the MG Whale, MG3, MG5, MG7, and RX9, alongside cutting-edge electric vehicles like the Cyberster and MG4 Electric. With a firm commitment to the Middle East market, MG Sales continue to thrive, delivering high-performance, innovative, and value-driven vehicles, backed by SAIC Motor's extensive resources
