JSW Group recently entered into a joint venture with SAIC Motor to acquire 35 percent stake in MG Motor India. Under this aggrement, SAIC Motor and JSW Group will create synergies by bringing together resources in the field of automobiles and new technology. The joint venture will also undertake multiple new initiatives, such as augmenting local sourcing, improving charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.
Together, SAIC Motor and JSW Group will work towards creating a sustainable automotive ecosystem in India by bolstering the development of NEVs and ICEs with carbon neutrality, sustainability and green mobility.
“The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the ‘win-win cooperation’ approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India,” says Wang Xiaoqiu, President of SAIC Motor.
Together, SAIC Motor and JSW Group will work towards creating a sustainable automotive ecosystem in India by bolstering the development of NEVs and ICEs with carbon neutrality, sustainability and green mobility.
“The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the ‘win-win cooperation’ approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India,” says Wang Xiaoqiu, President of SAIC Motor.
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JSW Group’s Parth Jindal said, “The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles. The JV’s focus on broader localisation initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer. One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space.”
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