NEW DELHI: MG Motors India Pvt Ltd, one of the new entrants in the domestic market, plans to increase its investment in the electric vehicle space in India from 2022.
The company expects economy to return to normalcy in a couple of years and feels such zero emission vehicles will get a significant traction in the domestic market in the medium to long term, a senior executive at the automaker said.
MG Motor will launch an affordable electric vehicle in the range of ₹12-15 lakh which will qualify for the subsidy under the Indian government's FAME or Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme.