In a move that underscores their commitment to sustainable transportation, JSW Group and MG Motor India have taken a significant step forward by announcing their partnership in a recent live event. This alliance has birthed JSW MG Motor India Private Limited, a venture that aims to revolutionize India’s electric vehicle (EV) sector. Both CEOs highlighted the need for innovative EV solutions and sustainable transportation methods, setting a new benchmark in the automotive industry.
“We want to launch one electric vehicle every 3-4 companies in the next months. The idea is to create a Maruti moment,” said Sajjan Jindal, Chairman, of JSW Group.
A Future Driven by Innovation
JSW MG Motor India Private Limited plans to unveil new technology cars and introduce new models every three to six months starting in September, the partnership is poised to make a lasting impact on the automotive landscape. This venture represents a significant step towards achieving a greener, more sustainable future, driven by innovation and a commitment to excellence.
A New Name in EV Realm
Following JSW Group’s acquisition of a 35% stake in MG Motor, the entity will now be known as JSW MG Motor India. As per the agreement, SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions with a focus on the Indian consumer. This marks the beginning of a new chapter in their journey, with a joint venture poised to aggressively expand its electric vehicle portfolio. Though specific details on the upcoming models remain under wraps, the partners have made their intentions clear: to significantly impact the EV market.
Ambitious Market Share Goals
Under the leadership of Sajjan Jindal, JSW Group has set an ambitious goal to capture a 33% share of the EV market by 2030. Despite the challenges ahead, the optimism is high, backed by solid plans and projections. The partnership is not just aiming for a substantial market share but is also planning to ramp up production from 100,000 to 300,000 units annually, showcasing its commitment to meeting the growing demand for EVs.
‘‘We will export these new cars to the overseas markets and we are prepared for the new challenges with the help of MG’s expertise and our strength in building new ventures,” says Sajjan Jindal.
JSW AMBITIOUS PLANS FOR INDIA
Under the leadership of Sajjan Jindal, the JSW Group has finalized plans to inject Rs 40,000 crore into Odisha for the establishment of electric vehicle and battery manufacturing facilities. These investments, to be executed in phases, are earmarked for the creation of manufacturing hubs capable of producing 100,000 commercial vehicles annually, alongside 300,000 electric cars and 50 GWh batteries tailored for both mobility and energy storage applications.
MG Motor’s Growth Strategy and Expansion Plans
MG Motor, eyeing a new phase of growth, has joined forces with JSW Group to further solidify its position in the Indian automotive market. Since its entry in 2019, the company has sold approximately 2 lakh units and invested nearly Rs 7,000 crore. Notably, MG Motor India witnessed a notable surge in sales, with around 60,000 units sold in 2023, marking a remarkable 25% increase from the previous year. This consistent growth over four consecutive years underscores MG Motor’s commitment to delivering quality vehicles and innovative solutions to Indian consumers.
As part of its ambitious growth strategy, MG Motor India is set to expand its manufacturing footprint with the establishment of a second facility in Gujarat, complementing its existing Halol unit. Additionally, the company aims to introduce 4-5 new vehicle models, predominantly electric variants, with a targeted sales mix of 65-75% from EVs by 2028. This strategic move aligns with the broader trend towards electric mobility in India, fueled by government incentives and a growing awareness of environmental concerns.
Read More: Indias New EV Policy: Indias Welcome Mat for Tesla and EV Innovation
