Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Chinese owner of iconic MG car brand to build Europe plant to keep up with demand

by July 6, 2023
July 6, 2023
Chinese owner of iconic MG car brand to build Europe plant to keep up with demand

China’s largest car manufacturer SAIC Motor says it will build its first factory in Europe, after sales of its vehicles on the continent jumped.

The state-controlled company – which owns the iconic MG brand – says the new plant will produce electric vehicles.

However, a spokesperson told media that SAIC has not yet decided whether MG models would be made at the site.

MG, which has roots dating back over a century, was made in the UK until production was moved to China in 2016.

On Thursday, an SAIC spokesperson said that the firm was still in the process of securing a site in Europe and finalising other details about the project.

“We have many brands including MG, IM and Maxus. We are still deciding which will be built at the factory,” the spokesperson added.

Sales of its vehicles outside China surged by 40% in the first three months of the year, according to SAIC.

The MG brand accounted for the majority of overseas sales, as the number of the cars sold in Europe more than doubled in the same period, the company said.

The latest announcement comes almost seven years after SAIC halted MG assembling at the Longbridge plant in Birmingham.

In 2016, MG said assembly in the UK was no longer “required” and that cars would arrive in the country “fully built (and) ready for distribution”.

The Longbridge plant built cars including MG and the original Mini. It was set up in 1906 and survived World Wars One and Two.

In the years that followed, the site fought off post-war economic depression and the emergence of the motor industry abroad.

It also recovered from strike action, mergers, takeovers and drops in its share value.

Production at the plant was halted after MG Rover collapsed in 2005. The brand was eventually bought by SAIC.

In 2011, the MG6 was launched. It was the first MG car in 16 years to be assembled at Longbridge.

The five-seater vehicle was designed in the UK but its parts were made in China.

Chinese carmakers – including SAIC, Geely and Great Wall – have seen their market shares grow in recent years.

Exports from China have been boosted by the demand for electric vehicles and sales to Russia as many Western countries imposed sanctions on Moscow after the invasion of Ukraine.

China exported more than a million vehicles in the first three months of this year, official figures show. As a result it overtook Japan as the world’s biggest exporter of cars.

As well as its manufacturing plants in China, SAIC also has production facilities in Thailand, Indonesia, India and Pakistan.

The Chinese firm, which has joint ventures with German motor giant Volkswagen and US car maker General Motors, sold 5.3 million vehicles globally last year.

Europe was its largest overseas market with more than 100,000 vehicles sold, according to SAIC.

Read more:
Chinese owner of iconic MG car brand to build Europe plant to keep up with demand

0
FacebookTwitterGoogle +Pinterest
previous post
Diversity is an afterthought in financial services sector
next post
British businesses report 7.1m scams last year, says NCSC report

You may also like

Business donors back Labour for first time

December 19, 2022

Hair Transplant Turkey Istanbul If You Want It...

October 3, 2022

Britain leaves lockdown lifestyle as sales of luxury...

September 5, 2022

Unveiling the Top-Tier Education: The Big 5 Universities...

August 15, 2023

Oasis reunion tour set to deliver £940 million...

May 22, 2025

Baroness Martha Lane-Fox CBE elected new President of...

October 12, 2022

Santander tightens hybrid working rules, urging staff back...

September 8, 2024

Lotus to axe up to 270 UK jobs...

April 13, 2025

Royal Mail may have lost £200m to strikes

December 13, 2022

Royal Mail could face fine as regulator looks...

May 16, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025
    • MARK HALPERIN: Democrats try to construct a Frankenstein candidate while JD Vance gains momentum for 2028

      June 6, 2025
    • ‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

      June 6, 2025
    • Democrats begin to embrace Musk amid Trump spat after party railed against him as a ‘dictator’

      June 6, 2025
    • Trump administration defends US and Israeli sovereignty with new sanctions against four ICC judges

      June 5, 2025

    Categories

    • Business (8,149)
    • Investing (2,011)
    • Politics (15,544)
    • Stocks (3,130)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved