JSW MG Motor India's August Sales Up 9%

4 Sep 2024 , 10:16 AM

JSW MG Motor India’s retail sales rose by 9% year-on-year in August, reaching 4,571 units.

In August 2023, the company sold 4,185 units. Over 35% of the retail sales in August 2024 were new energy vehicles (NEVs), including the flagship electric vehicle ZS and the Comet. The company will launch a new model, Windsor, on September 11, 2024.

JSW MG Motor India Pvt Ltd, previously MG Motor India Private Limited until 2024, is an automobile manufacturer established in 2019. Since 2023, it has been a joint venture between India’s JSW Group and China’s SAIC Motor.

The subsidiary was set up by SAIC Motor in 2017 and began operations in 2019 at a former General Motors facility in Halol, Gujarat.

The company initially planned a $650 million investment, but funding was restricted due to geopolitical tensions in 2020.

In May 2023, MG Motor India sought to localize by raising capital through Indian markets and reducing SAIC’s shareholding.

By November 2023, JSW Group acquired a 35% stake in the company through a strategic joint venture. IndoEdge India Fund bought an 8% stake, while a dealer trust and an employee stock ownership plan acquired 3% and 5% stakes, respectively.