MG Motor and the JSW Group announced the creation and name of their new joint venture – JSW MG Motor India Pvt Ltd – today. Speaking at the event, Sajjan Jindal, chairman and managing director of the JSW Group, said, “We will create a Maruti moment with EVs in India.”
Sajjan says the JSW Group has big ambitions for its automotive business and is targeting to sell 10 lakh new energy vehicles (NEV) in India by 2030, thus capturing one-third of the NEV market in India. NEVs in MG speak means electrics and hybrids. "The company is planning to kick things off with a bang and will launch one new car every three to six months," said Parth Jindal, member of steering committee of JSW MG Motor India.
Parth explained that the number of passenger vehicles sold in India in the year 2023 was very similar to China’s sales in 2005. In 2023, China sold 25 million (2.5 crore) passenger vehicles, of which 32 percent were NEVs i.e 8 million (80 lakh).
“In India, less than 2 percent or only 80,000 EVs were sold in the year 2023. Over the next 10 years, we are very sure that India is going to move from a 4 million (40 lakh) passenger vehicle market to a 10 million (1 crore) PV market. We are very convinced that with all the support being provided by the government of India electric vehicles are going to follow the same adoption path that was followed in China,” said Parth.
Rajeev Chaba, MG Motor India MD, said the Group has a multi-fuel tech portfolio and this is not constrained in terms of bringing in the right cars to India. Currently, MG Motor operates out of its Halol plant in Gujarat, which is pretty much stretched to capacity. Thus, the Group says it will increase production capacity from its current 1 lakh to 3 lakh units annually.
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JSW plans to build EVs, battery plant in Odisha