JSW Group intends to create its presence in the electric vehicle (EV) sector and has announced plans to launch its own EV brand with local production and market focus. This comes after forming a USD 1.5 billion joint venture with China’s SAIC Motor to manufacture and sell Morris Garages (MG) EVs. Earlier this year, JSW acquired a 35 per cent stake in MG Motor India from SAIC.
The company is investing heavily in its EV venture, with a Rs 27,200 crore commitment towards building a manufacturing plant in Aurangabad, Maharashtra. The project, which was welcomed by the Aurangabad Industrial City in October, aims to generate approx. 5,200 work opportunities and boost JSW’s position in India’s growing EV market.
In November 2024, MG Motor India sold 6,019 wholesale units, and EVs accounted for 70 percent of these sales, with the electric crossover, Windsor, leading the charge by selling 3,144 units. India’s EV market, while still nascent compared to China’s, is gaining momentum. EVs currently represent only two percent of the country’s passenger car sales, amounting to approx. 1,00,000 units annually.
Covered By: Mobility India / JSW
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