News, 3 December 2024
JSW Group plans to launch an electric vehicle (EV) company under its own name, according to a report published recently. Chairman Sajjan Jindal said in an interview that JSW wants to play a big role in the expanding EV market in India.
JSW had earlier announced a $1.5 billion joint venture (JV) with SAIC Motor, to produce and sell MG EVs in India.
JSW will produce EVs in Maharashtra
JSW plans to establish an EV manufacturing facility in Aurangabad. The Aurangabad Industrial City (AURIC) expects JSW to invest around 27,000 crores (INR 270 billion). This manufacturing facility is expected to create over 5,200 jobs. JSW intends to manufacture both passenger and commercial electric vehicles (EVs).
The EV Market in India
Even though two-wheelers that run on batteries have gained a lot of popularity in India, full-scale EV adoption is still low in India. EVs currently account for just 2% of passenger car sales, or roughly 100,000 units annually, according to S&P Global Mobility.
However, rising interest from Indian consumers is driving up demand. For instance, MG Motor India’s Windsor crossover EV, which costs Rs 13.5 lakh, was fully booked for the months after its September launch, despite sales being restricted to 50,000 units because of capacity concerns at its Gujarat facility.
Other manufacturers present in Indian EV market include upstarts like Ola Electric, Ather, Hero Electric, Bajaj Auto in two-wheelers and Tata Motors, Mahindra & Mahindra, Hyundai and others in four wheeler space. Other competitors include Ashok Leyland, which specializes in electric buses under the Switch Mobility brand.
