Fortune 500 Auto Companies List: Big achievement for MG Motor India's parent firm SAIC
Renowned British car brand Morris Garages has already created waves in India after launching its first car, MG Hector, in the country. Noteworthy, the popularity of MG Hector can be understood by the fact that the SUV has been sold out for the year 2019. Now, in a big achievement, MG Motor India's parent company SAIC has scored big on 2019 Fortune Global 500 Companies list. Chinese automaker SAIC Motor has been ranked at the 39th spot.
The company achieved consolidated sales revenue of over $136.39 billion in 2018, marking a robust year-on-year growth of 5.87%.
The parent company of automotive brand MG Motor has also been ranked 7th among all auto companies on the list and ranked 10th among all Chinese companies.
In 2018, SAIC Motor achieved robust sales against the slowdown in the domestic auto industry in China. The company’s annual vehicle sale volume reached 7.052 million units, a rise of 1.8% year-on-year, which led to an increase of one percentage point year-on-year in its domestic market share to 24.1% and further consolidated its market lead. Between January and June 2019, SAIC Motor's new energy vehicle sales reached 82,000 units, up 42% year-on-year, while the total international sales stood at a record 145,000 units.
MG Hector, the first product of MG Motor India, is equipped with SAIC Motor's iSMART system. It was officially launched at the end of June. As the first internet car in the Indian market, the Hector has so far received more than 28,000 orders.
MG Hector's prices range from Rs 12.18 lakhs to Rs 16.88 lakhs (ex-showroom).
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
03:12 PM IST