JSW and MG Motor India Forge Partnership to Spark Electric Vehicle Revolution
JSW and MG Motor India Forge Partnership to Spark Electric Vehicle Revolution

JSW Group and MG Motor India, a collaboration between SAIC Motor and JSW Group, have launched their joint venture aiming to revolutionize India's automobile industry. The venture aims to produce electric and internal combustion engine cars, intending to challenge market giants like Maruti and Tata Motors.

Parth Jindal, unveiling the new brand identity for JSW MG Motor India, highlighted their ambitious plans. Sajjan Jindal, Chairman of JSW Group, emphasized their goal of launching one electric vehicle every 3-4 months, aiming for a 'Maruti moment' in the industry. He stressed the importance of reducing India's oil dependency through the focus on new energy vehicles.

With an eye on the future, JSW MG Motor India plans to enter the premium passenger vehicle segment. They aim to capture 33% of the New Energy vehicle market by 2030, targeting sales of one million passenger EVs that year, alongside other products.

MG Motor India, a British brand under SAIC Motor, entered into the joint venture with JSW Group in 2023, with JSW holding 35% of the Indian operations. The collaboration seeks to leverage SAIC's advanced technology while driving MG Motor's growth in India.

MG Motor India has seen consistent growth since entering the market in 2019, with around 2 lakh units sold and investments nearing Rs 7,000 crore. Their plans include establishing a new manufacturing facility in Gujarat to double their capacity.

Electric vehicles are central to MG Motor India's strategy, constituting about 33% of their sales as of February 2024. They aim to introduce 4-5 new electric vehicle models and target 65-75% of sales from EVs by 2028.

The collaboration underscores India's shifting automotive landscape, with a growing focus on electric mobility. With government support and increasing consumer interest, EVs are expected to form a substantial portion of India's car sales by 2030, aligning with global sustainability goals.

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