JSW JV Sets Target of 1 Million EVs for India by 2030

20 Mar 2024 , 02:54 PM

According to a JSW executive, a joint venture between MG Motor and the Indian giant JSW Group hopes to sell one million electric vehicles in India by 2030 and capture a third of the market.

The joint venture, according to the two businesses, intends to enter the luxury passenger vehicle market as it introduces the “Cyberster EV,” a sports car.

At a press conference for the unveiling, MG Motor India’s managing director, Rajeev Chaba, stated that the two companies would contribute a combined 50 billion rupees ($602 million) to the joint venture.

The chairman of JSW Group, Sajjan Jindal, expressed his expectation that the partnership will revolutionise the EV industry in India in a manner akin to how Maruti Suzuki opened a new chapter in the automobile industry forty years ago by introducing “very efficient, very lightweight cars.”

The last week saw a change in the Indian landscape when New Delhi reduced import levies on select electric vehicles (EVs) for automakers that agreed to invest a minimum of $500 million and begin local production within three years.

Analysts noted that although the regulation change is a major victory for Tesla, it may only have a minor effect on sales for Indian players that produce more expensive cars.

About 2% of all cars sold in India in 2023 were electric vehicles (EVs); by 2030, the government wants that percentage to reach 30%.

The two electric vehicles that MG Motor, which is owned by SAIC Motor of China, offers in India are the SUV-like ZS EV and the compact Comet EV.

For feedback and suggestions, write to us at [e-mail]