The Shanghai Automotive Industry Corporation (SAIC) owned MG brand reached over £1 billion sales revenue in the UK in 2022, according to figures released in a financial statement from SAIC.
The £1 billion 2022 UK revenue figure compares with £452.6 million in 2021. MG also achieved a profit on its UK operations of £53 million last year – which compares with under £5 million in 2021.
The MG brand is experiencing strong sales in the UK market driven by its competitively priced hybrid and EV product offerings. The all-electric MG4 is priced from £27,000. The SUV-styled electric MG ZS (priced from £30,495) was the fifth highest selling car model in the UK market last month (4,613 units sold in September).
In the first nine months of this year, MG brand new car sales in Britain are up by 61% to 61,660 units. That high rate of growth is on top of rapid growth last year when MG car sales in the UK rose by 67% to 51,050 units.
The UK is MG’s largest export market where the brand enjoys considerable recognition among potential buyers because of its British heritage and origins. The MG brand was part of Nanjing Automotive’s purchase of the assets of Rover Group in 2005. That Chinese owner was subsequently swallowed up by the larger SAIC Group.