JSW partnered with SAIC Motor-owned Mg group and this joint venture will invest Rs 5000 crore in India to sell 1 million EVs at same price as fuel based vehicles by 2030.
In a media event that happened in March 2024 in Mumbai, while presenting new model, the “Cyberster EV” sportscar; JSW group announced partnership with MG Motor. It has been announced that new joint venture JSW MG Motor India Pvt. Ltd has aimed to achieve sales of 10 lakh electric vehicles in India by 2030.
By the end of 2030, JSW and MG Motors would collectively invest 5000 crore into joint venture and penetrate the premium passenger vehicle segment.
With this partnership, the production capacity of MG Motors Halol facility (Gujarat unit) will increase from the current 1 lakh vehicles to 3 lakh vehicles annually.
Here’s a complete roadmap what will be done by JSW MG Motor India Pvt. Ltd in next 5-6 years:
- JV will focus on developing a robust EV ecosystem with forward and backward integration of the supply chain
- Production capacity will expand from the present 1,00,000 units to 3,00,000 units annually.
- Aggressive product blitz with a new launch every three to six months commencing this holiday season, with a concentration on New Energy Vehicles (NEVs).
- Plans to enter the luxury passenger vehicle channel.
- To extend the production footprint through broad localization.
- Create significant job opportunities with an emphasis on skill development.
- Aims to capture 33% of the market of the New Energy vehicle segment by 2030
Parth Jindal who is the Member of Steering Committee of JSW MG Motor India said that “we are grateful that SAIC chose to partner with us and can’t wait to get started. MG India 1.0 has had an excellent 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and profitbale”
On other hand, JSW Group chairman Sajjan Jindal revealed that “In coming years, the JV will revolutionize India’s EV sector, just as Maruti Suzuki disrupted the automotive market with its very efficient, very light cars”four decades ago. JSW MG will strive to do its best to create world leading products in India for India and the world.”
Rajeev Chaba, who is the CEO Emeritus of MG Motor India, said, In JSW Group, we have discovered a perfect local partner to help the MG brand flourish in India. In less than 5 years, Team MG India has built a strong foundation by demonstrating our dedication to innovation, diversity, community service, and exceptional customer service. As one of the country’s fastest-growing OEMs, this foundation enables us to embark on MG 2.0, with the joint venture playing a critical role. We will offer a diverse variety of vehicles, from ICE to NEVs, with the goal of establishing a strong and sustainable EV ecosystem in India. We are committed to increasing our production footprint through substantial localization, leveraging the JSW Group’s expertise in large-scale manufacturing.
For now MG Motor has two electric models in India: 1. the small Comet EV and the 2. ZS EV, which is an SUV. More ev cars, ev buses, and ev trucks will be launched in the next 5-6 years and all those looking for budget-friendly EV cars…. they will definitely find their electric car as JSW MG Motors promises to create Maruti Suzuki moment!
In addition, the company will work towards skilling 1,00,000 students and upskilling employees with the expertise needed for EVs, Autonomous and Connected car technologies.
What’s your thought on this? Do you think the JSW and MG Group joint venture will be successful like Maruti Suzuki? or it will be failed like Hero Honda? Please let us know about your opinion in the comments and don’t forget to share it with others on social media groups!
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