The MG 07 sedan. The model surpassed 10,000 firm orders less than 2 minutes after order books opened in China. Credit: MG
- The MG 07 surpassed 10,000 firm orders in 1 minute and 57 seconds, far faster than the MG4’s previous record of 39 minutes and 37 seconds.
- MG said the model had 45,000 pre-orders on its launch day, while stronger-than-expected demand for long-range versions prompted it to prepare additional capacity in advance.
SAIC Motor’s (SSE: 600104) MG brand saw its new MG 07 surpass 10,000 firm orders less than 2 minutes after order books opened, signaling strong initial demand for the sedan.
MG began accepting firm orders for the MG 07 in China at 7:00 pm Beijing Time on Friday. The model reached 10,000 firm orders in just 1 minute and 57 seconds, far faster than the MG4’s previous record of 39 minutes and 37 seconds.
MG announced the figure on Weibo on Friday. Brand general manager Chen Cui said in a video released by MG on Saturday that the MG 07 had 45,000 pre-orders on its launch day, with the total rising to 59,000 by Saturday.
Firm orders generally mean customers have locked in their vehicles and face stricter refund terms than those for pre-orders, making them a stronger indicator of actual purchase intent than refundable reservations.
The rapid order growth is also testing the sales and delivery system MG prepared for the new model. Chen said the brand expanded its effective sales outlets in China to nearly 500 from fewer than 200 over the past year, while adding about 100 pop-up stores.
MG now has about 600 stores and pop-up locations selling the MG 07, roughly 3 times the number a year ago. The number of sales advisers has also increased to about 2.3 to 2.4 times the previous level.
The expansion was partly driven by MG’s delivery experience with the MG4. Chen said the company had not been sufficiently prepared for demand at the time, leaving some customers waiting for extended periods, and therefore expanded its sales channels and supply-chain capacity ahead of the MG 07 launch.
Still, the MG 07’s order mix has differed significantly from the company’s earlier forecasts. Chen said versions with more than 800 kilometers of range account for over 45% of current orders, well above MG’s initial expectations.
The top all-electric MG 07 has a CLTC range of 845 kilometers and uses a 91-kWh CATL (HKEX: 3750) battery, along with an 800-volt high-voltage platform and 5C fast-charging capability.
Chen said that during the first week after the MG 07 opened for pre-orders on July 29, MG’s senior management decided to ask CATL to add 2 battery production lines. At the time, MG had yet to see a large volume of pre-orders but chose to increase supply capacity in advance.
The MG 07 is offered in 7 battery electric and plug-in hybrid variants, with limited-time prices ranging from 105,900 yuan ($15,620) to 156,900 yuan, below the previous pre-sales starting price of 125,900 yuan.
The battery electric versions offer CLTC ranges of 610 kilometers, 650 kilometers and 845 kilometers. The plug-in hybrid version has a CLTC battery range of 245 kilometers and a combined range of 1,745 kilometers.
MG previously said deliveries of the 650-kilometer version would begin in late August, while deliveries of the 845-kilometer version are scheduled to start in October.
With demand for the longer-range versions exceeding expectations, supply-chain execution and delivery speed will be key to whether MG can convert the MG 07’s strong initial order intake into sales.
The MG 07 enters one of China’s most competitive sedan segments, with rivals including the BYD (HKEX: 1211) Seal 07 DM-i and Lynk & Co 07 EM-P.
The MG 07 is available with battery-electric and plug-in hybrid powertrains, with the top BEV version offering a CLTC range of 845 km and 5C fast charging.
($1 = 6.7817 yuan)
