MG wants to fund the electric sports car with crowd funding

British carmaker MG hopes to raise the necessary financial resources through mass crowd funding to build a new sports car. The British brand, now owned by the Chinese car group Psyche Motor Company, has announced this.

The campaign runs until the end of July and is aimed at the MG 50 million yuan (6.5 million euros) initiative. A contribution of 10,000 yuan is recommended for participants in crowd congestion.


M.G. The British manufacturer of the Cyberstar, a prototype sports car, hopes to generate revenue from overcrowding, which was presented at the recent Shanghai Auto Show.

M.G. The Cyberster will have an electric drive that can generate 330 kilowatts of electricity. This car can reach a speed of 100 kilometers per hour in three seconds. With a charged battery, the MG Cyberster can cover a distance of 800 kilometers.

The car will be on sale for around 34 34,500. With Cyberstar, experts note that MG is returning to its roots as a maker of small sports cars for two people.

“If MG fails to raise enough resources to fund the development of a new sports car, campaign participants will definitely get their money back,” it says.


MG can look back on a glorious history. The company, based in Long Bridge (Birmingham), produced 200,000 cars. At its peak in the 1960s, Longbridge was the largest car factory in the UK. The factory employed 26,000 people at the time.

However, after that, things got worse quickly. Like many British car brands, the MG is hard to survive. Fifteen years ago, the car manufacturer was declared bankrupt. Six thousand jobs were lost. However, the brand was acquired by Shanghai Automotive (Psych) two years later.

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Last year, the British carmaker achieved sales of 18,500 units. This is an increase of 41 percent compared to the previous year. 30,000 cars are expected to be sold this year. The British manufacturer, which started as Morris Garages, is set to celebrate its centenary in three years.


Ferdinand Woolridge

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