Home Business JSW forms joint venture with MG Motor, plans to unveil new cars every 3-6 months, aim to sell 1 million EVs by 2030

JSW forms joint venture with MG Motor, plans to unveil new cars every 3-6 months, aim to sell 1 million EVs by 2030

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As per Business Standard, the JSW MG Motor India joint venture intends to invest around Rs 5,000 crore to create new energy vehicles (NEVs) and internal combustion engine (ICE) vehicles for both domestic and international markets.

A landmark India-China joint venture in the automotive sector has occurred, with Chinese company SAIC Motor, owner of MG Motor India, partnering with JSW Group to establish JSW MG Motor India Private Limited. JSW will own a 35% stake in the venture.

JSW’s Latest Agreement

According to a JSW executive, the joint venture between JSW Group and MG Motor aims to sell 1 million electric vehicles in India by 2030, capturing one-third of the market. During a media event in Mumbai, the JV introduced their new model, the “Cyberster EV” sports car, stating their initial focus will be on premium passenger vehicles.

Sajjan Jindal Discusses Future Strategies

JSW Group Chairman, Sajjan Jindal, stated that the joint venture aims to introduce its initial plug-in hybrid car by 2025 and intends to manufacture batteries while establishing charging infrastructure nationwide.

SAIC Motor, the parent company of MG Motor in India, and JSW unveiled their joint venture in December last year. They noted that financial institutions, car dealerships, and employees would also hold stakes, bringing the total Indian ownership to 51%.

 MG Motor India’s CEO emeritus, Rajeev Chaba, mentioned that the two companies would collectively invest 50 billion rupees ($602 million) into the JV.

Is JSW MG Motor India Experiencing a Maruti Moment?

Jindal likened it to India’s Maruti moment four decades ago, expressing hope that the JV would revolutionize India’s EV sector as Maruti Suzuki did in the automotive market. The partnership is expected to boost MG Motor’s annual production capacity from 100,000 to 300,000 units at its Gujarat facility, as per the companies’ statement, with no specific timeline provided.

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