1:49 pm, December 16, 2025
MG Motor UK saw turned a £1.3m loss in 2023 to £6.9m profit in 2024, in a year in which it celebrated its centenary and saw record new car registrations.
Latest financial documents filed on Companies House show the UK division of the Chinese-owned British brand performed a dramatic U-turn and returned a profit, although revenue slipped slightly.
Restated 2023 accounts show the business made a pre-tax loss of £1.3m during the period, on revenue of £1.39bn.
In the year ended December 31, 2024, however, that pre-tax loss was turned into a pre-tax profit of £6.9m on slightly lower revenues of £1.31bn. Turnover was impacted by ‘volume mix’, said the company.
The accounts for 2023, originally published on October 14, 2024, showed the business made a £17.7m profit. It also said: ‘MGUK had previously accumulated losses from prior years which were primarily funded by NAC China. However, over the last four years MGUK’s trading position has considerably improved with the MGUK now being a profitable business.’
However, the 2024 accounts highlight the pre-tax loss and explain the 2023 figures were restated due to ‘changes and reassessment of the data used to estimate the level of warranty provision required’.
On the basis of MG Motor UK’s 2024 performance, directors recommended a dividend of £13m to shareholders, down from 2023’s £23.9m.
Writing in the accounts, director Hao Wang said: ‘2024 saw the successful launch of four new models, including the new MG3 HEV, new ZS HEV, new HS, and the amazing sports car MG Cyberster. With support of MGUK’s ultimate parent company (SAIC Motor Corporation Limited) MG has an exciting pipeline of new models and updates, which includes the launch of the MG S5, MG IM5, MG IM6 and MG S6 in 2025. This exciting pipeline of new vehicles will continue for the foreseeable future.
‘The ending of sales of internal combustion engine cars in the next 10 years is approaching and MG’s strong electric car offering with a good mix [of] internal combustion engine vehicles allow us to deal with the short term UK drop in demand for electric vehicle[s] whilst placing it in a strong long term position to take advantage of [the] move to electric cars.’
