JSW MG Motor India said that it plans to introduce one new car every three to six months, starting this festive season, i.e., September 2024.Two new models are slated for a launch this calendar year but the company has not revealed any details about them and we expect one to be an all-electric MPV. The company also said that all these upcoming new cars will be manufactured in India and will also be exported to a few other global markets. The company also plans to increase production capacity from the current 1 lakh+ units to up to 3 lakh cars annually and there will be a focus on bringing electrified models, including plug-in hybrids as well as pure EVs.
JSW now holds a 35 per cent stake in this JV. The partnership is aimed at undertaking new initiatives for the Indian auto market, including local sourcing, improving charging infrastructure, expanding production capacity, and developing and introducing new electric vehicles. This JV will help MG Motor to localise its upcoming models which helps in pricing them aggressively.
Further, the company said that it will focus on strengthening its research, development, and technical prowess by setting up an R&D centre to cater to the different choices of car buyers. The new R&D centre will develop connected, new-age and local mobility solutions, giving automobile customers better access to advanced technologies and futuristic products.
This JV has a core vision of carbon Neutrality, Sustainability, and Green Mobility and it will stay focused on accelerating the faster adoption of EVs. The company claims that by 2030, it aims to take a leadership position in the NEV category with an extensive product portfolio comprising New Energy Vehicles. Currently, the company is utilising over 60% of its energy requirements for its manufacturing operations at Halol (Gujarat) from renewable resources and aims to become Carbon Neutral by 2029. Along with the announcement of JV, MG Motor showcased MG Cyberster electric sportscar. The car was first showcased in 2021 and is brands first electric sportscar.
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According to Parth Jindal, a Member of the Steering Committee of JSW MG Motor India, “The JSW MG Motor India joint venture is a momentous joint venture. It is the coming together of two giants in SAIC and JSW. By leveraging the legacy of a world-renowned British brand, cutting-edge MG technology and JSW’s local manufacturing knowledge and acumen, I do not doubt that JSW MG will make world-leading products in India for India and the world. It is our goal to be the leading auto OEM in the NEV segment in India and we will be working tirelessly to bring the best available technology into India so that we can give the Indian consumer what they truly want which is world-class cars at affordable prices. MG India 1.0 has had a very good 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and successful. We are grateful that SAIC chose to partner with us and can’t wait to get going.”
Rajeev Chaba, CEO Emeritus of MG Motor India, said, “In JSW Group, we have found an ideal local partner to continue the growth story of the MG brand in India. In less than five years, Team MG India has established a rock-solid foundation – a testament to our commitment to innovation, diversity, community service and robust customer care. Today, we are among the fastest-growing OEMs in the country. This foundation empowers us to embark on a new chapter, MG 2.0, and the joint venture marks a pivotal step in this journey. We will offer a range of vehicles from ICE to NEVs, staying focused on building a robust and sustainable EV ecosystem in India. We are firmly committed to expanding our manufacturing footprint with extensive localization by leveraging JSW Group’s extensive knowledge and expertise in manufacturing at scale.”