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- On Wednesday,
SAIC Motor andJSW Group made a grand announcement of their joint venture,JSW MG Motor India . - The new company will launch its first car during the festive season and is set to launch two cars in 2024.
- The company has claimed that it will launch a new car every three to six months in the country.
Mumbai, March 20: Chinese auto giant SAIC Motor and Indian conglomerate JSW Group have partnered to launch a new joint venture, named JSW
The marque of MG Motor, whose portfolio includes the MG ZS EV, MG Comet, MG Astor and others in India, is owned by SAIC Motor.
The JV is aimed at using SAIC Motor’s expertise in the auto sector and the JSW Group’s manufacturing experience in the country. JSW MG Motor India will produce both electric and internal combustion engine (ICE) vehicles.
JSW Group will also bring in the expertise of its group companies, such as JSW Energy to improve its infrastructure in the country. The JSW Group recently received approval from the Competition Commission of India (CCI) to acquire a 35% stake in MG Motor India.
Parth Jindal, son of Sajjan Jindal and Sangita Jindal, has been appointed as a member of the steering committee of JSW MG Motor India.
Speaking about the company’s ambitious plans, Sajjan Jindal said that the company will launch a new car every three to six months in the country.
The first launch from the company will arrive during the festive season, in October 2024. The company aims to launch two cars in 2024. The first launch from the company is expected to be the MG4, which was showcased at the event in Mumbai on Wednesday.
JSW MG Motor India aims to expand its production from the present 1 lakh units per year to three lakh units per year. To achieve this, the company will expand its production capacity at its Halol plant in Gujarat. These cars will be manufactured in India for both domestic consumption and exports.
In addition, the company will also set up a new research and development facility in the country, Jindal added.
Speaking about how Maruti dominated the Indian auto market by launching new cars in the 1990s, Sajjan Jindal said that JSW MG Motor India wants to create a Maruti moment for new energy vehicles in the country and lead the segment by 2030.
The company has said that it will also foray into the premium vehicles segment in India. It showcased the
The new JV will also focus on the emerging new energy vehicles (NEVs) in the country. Parth Jindal said that the company plans on capturing 33% of the NEV market by 2030 and aims to sell 1 million EVs in 2030. India will move from its current market of 4 million cars per year to 10 million cars a year, as per Jindal.
While MG Motor’s sales in India reported decent growth in February 2024, the company is not among the country’s top five players. The company sold 4,532 vehicles in February 2024.
SAIC Motor is a global Fortune 500 company with annual revenues of around US $110 billion, while the JSW Group is one of India’s leading global business conglomerates with US $23 billion in revenues across diversified businesses.
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