Longbridge has turned the corner at last - with MG Motor UK cutting its annual losses to less than £1 million for the first time since its launch in 2008.
Soaring sales and reduced losses have enabled the Chinese-owned car maker to announce a record financial performance, with a deficit after tax for 2013 of £999,000.
The company has already sold more than 2,000 cars this year compared to just over 300 a year ago and sales and marketing director Guy Jones hailed the Longbridge firm as the "fastest growing automotive brand in the UK".
"We are up 500 per cent year on year. The MG3 has provided the lion's share of that but the MG6 has also grown this year. We have got fleet orders coming through as well – it is all very positive."
The Longbridge firm's finances have also been given a huge boost, with the writing off of a £26.27 million loan from NAC China.
The annual report says: "As a result of the write-off of the loan, the balance sheet of the company has improved significantly and the company is in a much stronger financial position for future development and growth.
"The net worth of the company changed from a negative £16.7 million by the end of 2012 to a positive £8.5 million by the end of 2013."
Last year saw MG Motor UK slash its losses from more than £4 million in 2012 to £999,000, with sales of vehicles increasing by 60 per cent.
The improving trend has continued in 2014, with more than £13 million worth of new MG3s sold so far this year. In October alone, MG sold a total of 188 cars, compared to just 36 for the same month in 2012.
For the year to date, the Longbridge firm has sold a total of 2,028 cars, a huge increase on last year's equivalent figure of 309.
Director Hao Wang says in the annual report: "The company has made operating losses over the last few years and was primarily funded by SAIC Group.
"However, directors are of the view that the launch of MG6 diesel version and MG3 during 2014 will help generate operating profits and cash flows."