MG: Chinese-backed car brand enjoys successful 2022 with £1 billion UK sales as EV popularity rises

The popular car brand MG Motor smashed through £1 billion in the UK sales in 2022. Consumers were drawn towards the Chinese-owned car brand due to its affordable electric cars and more.

MG, which is owned by the Shanghai based SAIC Motor Corporation Limited recently hailed their ‘impressive sales’ from last year. Their revenue shot up 122 per cent to over £1 billion, as per accounts filed recently.

The brand’s pre-tax profits rose by just shy of a staggering £50 million from £4.3 to £54 million during the year. They paid £9 million in taxes. MG announced that the brand was in a ‘very strong position’ to take advantage of the impending mass shift to EV’s.

MG, whose name comes from Morris Garages, has been owned by Chinese companies for 18 years now since 2005. It’s attracted a multitude of buyers over the last few years due to affordable prices.

One of those prices is the MG4, which is priced at £26,000 and is one of only around 10 electric cars in the UK that is priced below £30,000. Slightly pricer but still modestly priced at £30,495 is the MG ZS.

To date, sales of new MG cars are up by more than half at 61 percent. The ZS, which was briefly mentioned above, is the fifth best selling car in September, according to the Society of Motor Manufacturers and Traders (SMMT).