“With MG we can create a new energy Maruti moment, Jindal said in Mumbai at an event to announce the road ahead for the new entity.
“At JSW we will not only produce the EVs with MG, we will address the entire ecosystem,” said Jindal.
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MG 2.0: JSW sets wheels rolling for JSW MG Motor India to give India another ‘Maruti moment’
The newly formed company plans to sell a million units of the new energy vehicle (NEV) which includes pure electric and plug in hybrid by 2030. As part of the plan, from September onwards, JSW MG will bring one newly designed NEV every three to six months.
“Starting from September, every three to four months, we will export them. Our focus is on deep localization and manufacturing here in India. This is my passion. Leveraging technology from MG and the group’s capabilities, we are also developing the charging system,” says Jindal.
Last month, the steel-to-paint conglomerate firmed up plans to invest Rs 40,000 crore in Odisha to set up electric vehicle and battery manufacturing facilities.
The investments, to be made in phases, will be utilised to set up manufacturing facilities with annual production capacity for 100,000 commercial vehicles, 300,000 electric cars and 50 GWh batteries for both mobility and energy storage systems. This would take the Group’s total proposed investment in the state.
Today’s announcement comes months after four months after the JSW Group said it has inked an agreement with China’s SAIC Motor to acquire 35% stake in Indian subsidiary MG Motor India to jointly run automobile operations in the country. As per the agreement reached between the two companies, JSW Group will acquire 35% stake in SAIC’s Indian subsidiary MG Motor India for an undisclosed amount. The Chinese auto major will continue supporting the joint venture with advanced technology and products to deliver mobility solutions to the Indian consumer.
The acquisition came amid increased scrutiny by the Indian government on investments made by China as geopolitical tensions between the two countries mounted. The stake sale to JSW Group will enable the maker of Hector and Astor to expand operations in the local market and give a foothold to the steel magnate in the fast-evolving EV segment in India.
The joint venture will also undertake multiple new initiatives including increasing local sourcing, building charging infrastructure, expansion of production capacity, and introducing a broader range of vehicles with a focus on green mobility.