MG were the prestige wing of British Leyland, the large British car manufacturer that once owned a huge number of UK-based car brands like Rover, Leyland, Austin and many others.
Previously a state-owned group, MG has changed ownership a number of times, having been owned by the Rover Group, BMW and now by the Shanghai Automotive Industry Corporation (the "Phoenix Four" who bought the brand after the failure of the Rover Group).
MG generally produced vehicles with acronym-like names, such as the MG ZR, MG TF and MG RV8.
With a history of financial problems, MG has passed through a number of owners, the most famous owners being BMW (who continue to produce the Mini Cooper).
However, with their buy-out by SAIC, the brand is making a comeback with newer models based on some of the classic vehicles (such as the recent MG 7).