JSW Group and SAIC-owned MG Motor have joined forces to establish a joint venture focused on manufacturing new electric vehicles (NEVs). The newly formed entity, named JSW MG Motor India Pvt Ltd, is poised to make a substantial impact with plans to launch a variety of products, including NEVs, at intervals of three to six months, with the first set to debut in September of this year.
Under the leadership of JSW Group, the joint venture aims to assert its dominance in the NEV category by building an extensive product portfolio. Operating out of Halol, Gujarat, the company’s manufacturing facility is set to significantly ramp up MG’s production capacity from 1 lakh to 3 lakh units per year, signaling a bold step towards fulfilling the growing demand for electric vehicles in the Indian market.
Speaking to CNBC-TV18, Parth Jindal, Managing Director of JSW Cement, disclosed that the total investment in the joint venture amounts to Rs 5,000 crore. He further revealed that while the chairman of the venture would be from JSW Group, the board would consist of members from SAIC.
Jindal expressed optimism regarding the government’s EV policy, emphasizing its attractiveness for the premium EV segment. He reiterated the venture’s commitment to addressing the evolving needs of consumers through a diverse product range catering to both mainstream and premium segments.
Furthermore, Jindal highlighted the strategic partnership between MG Motor and JSW Group, emphasizing the significant role of steel procurement from JSW Steel in MG’s manufacturing operations. He underscored the importance of price competitiveness in disrupting the market and outlined the venture’s plans to introduce a wide range of products to cater to varying consumer preferences.
The joint venture unveiled its first premium innovation, the Cyberster, representing a leap in the realm of pure electric premium cars. Sources familiar with the matter disclosed to CNBC-TV18 that the Cyberster may be priced at Rs 50 lakh, positioning it as a compelling choice for discerning consumers seeking premium electric vehicles.
Looking ahead, the joint venture has set ambitious targets, aiming to sell 1 million electric vehicles in India by 2030. With a steadfast commitment to innovation and sustainability, JSW Group and MG Motor are poised to make significant strides in the Indian EV market, ushering in a new era of electrification and premium mobility solutions.
