MG3 pricing.

    Share

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Mon Apr 29, 2013 6:22 am

    patpending wrote:
    Morris Motors wrote:MG don't seem to own any freeholds now. So yes, it would appear they lease at least a large part of the site after all.

    I wonder whether that's economical...
    Total costs for MG Motor in 2009 and 2010 were around £21m of which staff £3m - £3.6m.

    SMTC paid MG Motor just under £10m rent in 2010 EDIT but only £2.2m in 2011!

    I think it's time to buy some newer accounts!

    EDIT 2011 accounts ordered. £1 from Companies House, £6 elsewhere!

    Maybe SMTC's rent fell because they now own the mystery freehold or have leases direct with St Modwen.
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: MG3 pricing.

    Post by Windy on Mon Apr 29, 2013 9:34 am

    Morris Motors wrote:
    patpending wrote:
    Morris Motors wrote:MG don't seem to own any freeholds now. So yes, it would appear they lease at least a large part of the site after all.

    I wonder whether that's economical...
    Total costs for MG Motor in 2009 and 2010 were around £21m of which staff £3m - £3.6m.

    SMTC paid MG Motor just under £10m rent in 2010 EDIT but only £2.2m in 2011!

    I think it's time to buy some newer accounts!

    EDIT 2011 accounts ordered. £1 from Companies House, £6 elsewhere!

    Maybe SMTC's rent fell because they now own the mystery freehold or have leases direct with St Modwen.
    Quite a lot of land was returned to St Modwen between those dates, I would have thought it was MG Motor UK land rather than SMTC but maybe SMTC is simply paying all the rent. They also opened their new technical centre so maybe they are no longer renting buildings along with the land.

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Mon Apr 29, 2013 12:55 pm

    Was that the period where they vacated the Flight Shed?
    avatar
    patpending

    Number of posts : 3005
    Points : 3948
    Reputation : 53
    Registration date : 2009-02-05
    Location : Surrey

    Re: MG3 pricing.

    Post by patpending on Fri May 03, 2013 6:30 am

    Morris Motors wrote:Was that the period where they vacated the Flight Shed?
    I think the Flight Shed was not actually being used.

    If this was the period, could it be that SMTC were renting it "in case"?

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Fri May 03, 2013 7:19 am

    Would make sense; it was the historic base for technical work etc.
    avatar
    patpending

    Number of posts : 3005
    Points : 3948
    Reputation : 53
    Registration date : 2009-02-05
    Location : Surrey

    Re: MG3 pricing.

    Post by patpending on Fri May 03, 2013 3:15 pm

    £m 2011 2010
    Gross Profit 1.3 1.2
    Other Income 2.4 9.9
    Admin Expenses -8.4 -11.4
    Operating Loss -4.7 -0.3



    Rental from SMTC 2.2 9.9
    Result without SMTC -6.9 -10.2


    So rental income is down £7.6m without a corresponding reduction in costs.If MG Motor had had anything over £4.6m more they would have made a profit! Looks like the missing rent is the big story for 2011, not fewer parts sold to China...

    NB all figures are public domain...

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Sat May 04, 2013 1:37 am

    Interesting. Although I'm still determined to track down the freehold land in there somewhere.

    Back (slightly more) on topic - what is the GBP value of the on the road price for an MG3 in China? Obviously it isn't like-for-like, but gives an idea of whether MG are positioning the car differently in the UK market. Is the MG3 doing ok in China because it undercuts the opposition? If it doesn't undercut the opposition here, might it flop?
    avatar
    patpending

    Number of posts : 3005
    Points : 3948
    Reputation : 53
    Registration date : 2009-02-05
    Location : Surrey

    Re: MG3 pricing.

    Post by patpending on Sat May 04, 2013 2:20 am

    Morris Motors wrote:Interesting. Although I'm still determined to track down the freehold land in there somewhere.
    Went down in the insolvency with any other assets, it will be with St Modwen as above one way or the other (everything sold pre-crash plus what St Modwen fished out of the wreckage to go with the rest!)

    If SMTC pay rent to MG Motor, although the latter own no land, there is no other Group company in charge of the premises...
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: MG3 pricing.

    Post by Windy on Sat May 04, 2013 5:47 am

    patpending wrote:
    £m 2011 2010
    Gross Profit 1.3 1.2
    Other Income 2.4 9.9
    Admin Expenses -8.4 -11.4
    Operating Loss -4.7 -0.3



    Rental from SMTC 2.2 9.9
    Result without SMTC -6.9 -10.2


    So rental income is down £7.6m without a corresponding reduction in costs.If MG Motor had had anything over £4.6m more they would have made a profit! Looks like the missing rent is the big story for 2011, not fewer parts sold to China...

    NB all figures are public domain...
    Excluding Avis cars that they probably made little profit from, 2010 = 282 sales, 2011 = 260 sales so little difference except for the models. 2012 = 310 sales so there wont be much change in the next figures either.
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: MG3 pricing.

    Post by Windy on Sat May 04, 2013 5:52 am

    Morris Motors wrote:Back (slightly more) on topic - what is the GBP value of the on the road price for an MG3 in China? Obviously it isn't like-for-like, but gives an idea of whether MG are positioning the car differently in the UK market. Is the MG3 doing ok in China because it undercuts the opposition? If it doesn't undercut the opposition here, might it flop?
    They start around £6000 depending on exchange rate for a 1.3. That is more than a similar Chinese car but less than a joint venture car such as a VW Golf. I think the main selling point is their Britishness.

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Sat May 04, 2013 10:01 am

    They really ought to be braver and import base models complete; cut out UK assembly except for paint/trim bespoke upgrades.

    As for pricing, I was out today and passed a Hyundai i20 and briefly, from the front, thought I was seeing an MG3! The i20 sells from £10,595 for the 5-door and it's only 1200cc. Another car that springs to mind is the Yaris which is £11,295 for the 5-door, with a 1000cc engine. So at £10k for the entry model they could undercut a chunk of the opposition.

    Of course, they need a 3-door though...
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: MG3 pricing.

    Post by Windy on Sat May 04, 2013 11:41 am

    Morris Motors wrote:They really ought to be braver and import base models complete; cut out UK assembly except for paint/trim bespoke upgrades.
    They have to pay extra import taxes on whole cars, I don't think it works out well.

    Morris Motors

    Number of posts : 446
    Points : 538
    Reputation : 22
    Registration date : 2012-08-10

    Re: MG3 pricing.

    Post by Morris Motors on Sat May 04, 2013 1:42 pm

    Thats something I hadn't considered; whether the tax rates equate to the assembly costs etc.
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: MG3 pricing.

    Post by Windy on Sat May 04, 2013 3:56 pm

    patpending wrote:If SMTC pay rent to MG Motor, although the latter own no land, there is no other Group company in charge of the premises...
    Dangling Carrot I see there is a bit of competition between SMTC and MG Motor: Challenge jocolor
    avatar
    patpending

    Number of posts : 3005
    Points : 3948
    Reputation : 53
    Registration date : 2009-02-05
    Location : Surrey

    Re: MG3 pricing.

    Post by patpending on Mon May 06, 2013 12:38 pm

    Windy wrote:
    Excluding Avis cars that they probably made little profit from, 2010 = 282 sales, 2011 = 260 sales so little difference except for the models. 2012 = 310 sales so there wont be much change in the next figures either.

    Profits from parts sales to China were down too in 2011 over 2010, so that could have changed...
    avatar
    patpending

    Number of posts : 3005
    Points : 3948
    Reputation : 53
    Registration date : 2009-02-05
    Location : Surrey

    Re: MG3 pricing.

    Post by patpending on Mon May 06, 2013 12:40 pm

    Morris Motors wrote:They really ought to be braver and import base models complete; cut out UK assembly except for paint/trim bespoke upgrades.
    as per Windy, Great Wall wouldn't be opening up in Bulgaria without a reason...

    Sponsored content

    Re: MG3 pricing.

    Post by Sponsored content


      Current date/time is Sun Dec 17, 2017 8:57 pm