New Delhi: MG Motor India, a wholly-owned arm of China's SAIC Motor Corp, has said it will increase investment to over Rs 5,000 core in the next five to six years as it gears up to launch one new product each year in India from 2019.
The company, which will launch an SUV by the second quarter of next year, has already started investing Rs 2,000 crore on upgrading the Halol plant in Gujarat which it had acquired from General Motors last year.
"In the next five to six years, starting from 2019, we will be launching a new product every year that will entail an investment of over Rs 5,000 crore. This includes Rs 2,000 crore which we are already investing on the Halol plant," MG Motor India President and Managing Director Rajeev Chaba told reporters here.
Commenting on product plans, he said the first product that MG Motor will roll out in India next year will be an SUV.
"This is one of the fastest growing segments. The SUV will be a premium, new-age product," he added.
On the Halol plant, Chaba said, "In the first phase it will have a capacity of 80,000 to 1 lakh units a year. In the second phase, which will be in the future, the plant capacity can go over 2 lakh."
MG Motor India is looking at high level of localisation of over 80 per cent when it brings models in the market, he added.
The company is looking at around 300 customer touch points going forward, Chaba said, adding it would soon start dealership recruitment exercise in Delhi, Mumbai and Bengaluru.
With its plans to start full scale operations in India, Chaba said MG Motor India has started recruiting for both white and blue collar jobs.
"As of now, we have a total employee count of around 150 and we expect it to be around 1,000 by the end of the year," he said.
Chaba also said the company is open to bringing new energy vehicles from the portfolio of its parent, that includes hybrids, electric vehicles and fuel cells.
"This will, however, depend on the policy here in India, infrastructure and incentives...," he added.