MG Motor India and JSW Group have a joint venture and plan on driving out one new or updated new energy vehicle in India every three months from Septe
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MG Motor plans to take its EV offensive in India a notch higher with the help of JSW Group, which recently bought stake in the British-origin carmaker owned by China’s SAIC. MG Motor India and JSW Group on Wednesday announced a big focus on electric vehicles (EVs) in India from this year onwards with the promise of a new launch every three to six months from September onwards. After JSW Group acquired 35 per cent stake, MG Motor in India will now be known as JSW MG Motor India.
MG Motor is currently India’s second largest electric car manufacturer after Tata Motors with models like ZS EV and Comet EV on sale. With a joint venture in place with JSW Group in India, MG Motor now plans to aggressively expand its electric vehicle portfolio in coming days to take on rivals. Although the company did not reveal which new models will be brought in, officials from both groups emphasised on the potential of the EV market.
Speaking at an event in Mumbai, Sajjan Jindal of JSW Group explained that the future of the automobile world is all electric even if the immediate future would be about plug-in hybrids. “MG and JSW group will create a Maruti-like movement in India,” he said, pointing to the expansion of personal car segment in the country in the 1980s and 1990s. “We aim to take a 33 per cent share in India’s EV market by 2030.”
It won’t be an easy ask but Jindal is confident of the plans and projections. “JSW Group is known for being aggressive with its plans, the game of scale is not new for us.” The two companies now plan to take the production from 1 lakh units at present to 3 lakh annually.
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In November last year, JSW Group bought stake in MG Motor India as it decided to make foray into automotive business for the first time. MG Motor has recently trademarked a new electric car called Excelor EV in India. It is expected to be the carmaker’s third electric vehicle in the country which is being developed under the new partnership. The upcoming EV is expected to be based on the same platform used by Comet EV. The carmaker had recently filed a design patent influenced by Baojun Yep EV. It is a three-door electric car sold in Chinese market.
First Published Date: 20 Mar 2024, 12:38 PM IST
