SAIC
MG said its CyberX SUV will be pitched as a young customer’s “first toy for urban adventures.”
A first European factory site could be announced by this summer, sources said. Capacity could be 100,000 annually, with a second factory to come later.
First-quarter sales of new-energy vehicles including full electric models and plug-in hybrids at GM's two joint ventures increased 53 percent from a year earlier, GM China said.
The MG S5 will replace the smaller ZS in the Chinese brand's lineup when it launches in Europe this spring. It rides on the same platform as the MG4 compact hatchback.
The partnership adds another state-owned automaker betting on Huawei, which has risen to prominence as a supplier of smart driving technologies, to boost EV sales.
The average price reduction required for customers to consider switching to a Chinese automaker is 27 percent, a new study found.
China in the past delivered $2 billion a year in income for GM, though executives say those results won’t be matched anytime soon, if ever again, despite restructuring moves.
Excluding non-recurring gains, China’s largest automobile manufacturer before BYD surpassed it in 2024, said it would have tumbled into the red last year, with a loss of up to 6 billion yuan.
Combined registrations for MG, Smart, Polestar, Great Wall Motors and BYD fell by 24 percent last year. The decline was due to high prices and low brand recognition.
GM's sales in China fell 14 percent to just over 1.8 million in 2024, extending a slide that began in 2018, though electrified vehicle deliveries rose 50 percent, accounting for nearly half of its volume last year.
