JSW Group gears up to launch its own EV brand
Months after partnering with SAIC Motor to manufacture Morris Garages' EVs in India, JSW Group plans to launch its own electric vehicle brand, signalling a strategic push into India’s burgeoning EV sector.
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JSW Group, after securing a $1.5 billion joint venture with China's SAIC Motor to produce Morris Garages' (MG) electric vehicles (EV) in India, is now preparing to introduce its own brand.
JSW Chairperson Sajjan Jindal, in an interview with The Financial Times, emphasized that the company's future strategy goes beyond merely serving as an extension of a Chinese brand. "Our idea is not to be an outpost of a Chinese company to sell products in India," Jindal told FT.
Earlier this year, JSW acquired a 35% stake in MG Motor India from SAIC after the latter faced challenges in securing funding amid India's stricter regulations on Chinese investments, which were enforced following the 2020 border tensions between the two nations.
Looking ahead, JSW is planning to build a dedicated car plant in Aurangabad, Maharashtra, focused on the production of EVs.
this facility is part of the company's broader Rs 27,000 crore investment into EVs and commercial vehicles, a project expected to create 5,200 jobs.
The group's move to introduce its own EV brand will place it in direct competition with established players such as Tata Motors, Mahindra, and Hyundai in the fast-evolving Indian electric vehicle market.
JSW's MG Motor India has already made strides, with 6,019 units sold in November 2024, marking a 20% increase compared to the previous year.
Notably, electric vehicles made up 70% of MG Motor's sales for the month, with the electric crossover Windsor accounting for a significant portion, selling 3,144 units.
Full-size electric cars still represent just 2% of India’s passenger car market, with around 100,000 units sold annually.
