Date: March 21, 2024. — The joint venture between JSW Group, a Indian conglomerate, has its fingers in steel, energy, cement, infrastructure, and more, and MG Motor India, it designs, manufactures and sells electric and gasoline-powered cars, named JSW MG Motor India, has announced it’s plans to sell 1 million electric vehicles (EVs) in India by 2030. The venture aims to invest around Rs 5,000 crore to develop new energy vehicles (NEVs) and internal combustion engine (ICE) vehicles for both the Indian and overseas markets.
The company has outlined a strategy to introduce a new product every three to six months starting this festive season, and it expects to launch two new products within this calendar year. Moreover, this will include the introduction of new energy vehicles, as the venture seeks to create a robust EV ecosystem in India.
JSW MG Motor India plans to support these plans by expanding its production capacity at its Halol facility in Gujarat, aiming to increase annual production to 3 lakh units from the current capacity of just over 1 lakh units.
The venture also has its sights set on the premium vehicle segment, highlighted by the showcase of the Cyberster convertible electric sports car, which features a 77kWh battery pack and a range of 580km on a full charge. This joint venture also anticipates launching other models such as the MG4 and MG5, both EVs, in India.
By entering the EV market with a strong portfolio and significant investment, JSW MG Motor India is positioning itself to be a major player in India’s automotive future.
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