MG Motor and the JSW Group have announced the name for their joint venture: JSW MG Motors India Pvt. Ltd. During the event, they also unveiled their ambitious goal to create a “Maruti moment with EVs” in India.
JSW MG Motors India: What is this Joint Venture?
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SAIC Motor and the JSW Group formed a strategic joint venture in November 2023 which is aimed at accelerating MG Motor’s growth in India. The agreement, signed by SAIC’s President Wang Xiaoqiu and JSW’s Parth Jindal in London, focuses on enhancing local sourcing, expanding production capacity, and introducing a wider range of vehicles, particularly in green mobility. JSW owns 35% of the venture, while SAIC will provide technological support. The partnership aims to leverage SAIC’s automotive expertise and JSW’s extensive presence in India to establish a sustainable automotive ecosystem, emphasizing electric and carbon-neutral vehicles.
JSW MG Motors India: Aim of Selling 1 Million EVs, PHEVs by 2030!
Sajjan Jindal, chairman of the JSW Group, expressed ambitions to replicate the success of Maruti Suzuki in the EV segment in India. The venture plans to introduce a new car every three to six months and targets sales of 10 lakh new energy vehicles (NEVs) by 2030, capturing a third of India’s NEV market. Parth Jindal, a member of the steering committee for JSW MG Motor India, highlighted the potential growth of the Indian passenger vehicle market, citing China’s trajectory as a model for EV adoption.
With government support, the venture aims to leverage this potential and expects India’s passenger vehicle market to expand from 4 million to 10 million units over the next decade. Rajeev Chaba, Managing Director of MG Motor India, emphasized the group’s commitment to innovation, mentioning plans to increase production capacity from 1 lakh to 3 lakh units annually to meet growing demand.
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