The Chinese-owned car brand MG Motors smashed through £1 billion in UK sales last year as drivers were attracted by its affordable electric cars, throwing down the gauntlet to its European rivals.
MG, owned by Shanghai-based SAIC Motor Corp, hailed its “impressive sales” in 2022, with revenue rising 122 per cent to just over £1 billion, according to accounts filed yesterday.
Pre-tax profits surged from £4.3 million to £54 million during the year, on which it paid taxes of £9 million. MG said it was in a “very strong position” to take advantage of the shift to electric cars over the next decade, before petrol and diesel vehicles are banned.
MG, a heritage British brand that has been owned by Chinese companies since 2005, has
