MG Motors posted a £50million increase in UK pre-tax profits for 2022, compared with the year before.

Sales in the country also topped £1billion, more than double the previous year, as demand for electric vehicles and hybrids increases.

The brand made £54.2m pre-tax profit in the UK last year, compared with £4.3m the year prior.

The brand, owned by Chinese company SAIC Motor Corp, has said it's in a "very strong position" to take advantage of the country's shift to electric cars.

According to the Society of Motor Manufacturers and Traders (SMMT), the MG ZS was one of the UK's five most popular cars last month, and remains among the cheapest electric vehicles in the country.

"We have seen an increasing number of Chinese brands - and cars made in China from other marques - enter the UK new car market in recent years with considerable success," said Mike Hawes, SMMT chief executive.

"These models, which are often electrified, are finding strong demand in a market that is fiercely competitive."

It comes just a month after Rishi Sunak announced a ban on new petrol and diesel car sales would be pushed back from 2030 to 2035.

It received a mixed response from industry, which had started investing heavily in electric vehicles.

FTSE 100

The UK's top share index, the FTSE 100, was up 27-points at 7,626 shortly after opening this morning.

Brent crude futures were down 0.34% this morning at $90.58 a barrel.

Companies reporting today

Rio Tinto has a Q2 operation review.

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