💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

SAIC's MG unveils MG3 hybrid model for European market

Published 02/26/2024, 04:36 AM
Updated 02/26/2024, 05:01 AM
© Reuters. MG Motor's HS SUV is displayed during a launch event in Mexico City, Mexico April 20, 2023. REUTERS/Toya Sarno Jordan/File Photo

By Gilles Guillaume

GENEVA (Reuters) - MG Motors, a unit of China's SAIC on Monday unveiled its hybrid hatchback MG3 model for the European market, taking advantage of slowing growth demand for electric vehicles by offering a lower-emission model without the need for charging.

A pure hybrid combines a fossil-fuel engine that charges a larger battery so the car can periodically run in electric, zero-emission mode.

MG said that the MG3's battery is larger than that provided by rival models, enabling to run emission free for longer. The model has so far only been on sale in the United Kingdom.

Legacy automakers have been racing to switch to EVs as quickly as possible and make them more affordable as Chinese EV makers start launching lower-cost models in Europe.

© Reuters. MG3 car is displayed on the media day of the 91st Geneva Auto Show, in Geneva, Switzerland, February 26, 2024. REUTERS/Denis Balibouse

Demand for EVs has slowed because of a lack of affordable models and the slow rollout of charging infrastructure.

Founded in England in 1924, MG has been owned by SAIC since 2007.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.