SAIC Motor

MG Motor India, owned by China's SAIC Motor, expects electric vehicles (EV) to account for at least a quarter of its sales in India in 2023, the automaker said during the country's biennial auto show

The company's top management, including directors, managing director and auditors have been summoned next month by the ministry seeking more clarification

'MG Motor India has yet to finalise how much money it plans to raise, which will depend on the valuation of the Indian business and its growth plans'

A smaller SUV and a sub-four-metre car are in the works

Hongguang Mini outsells bigger players and even Tesla almost every month with a tiny, bare-bones EV that starts at $4,500.

SAIC plans debut in 2018, $1 bn investment