It is that time of the year when automakers generally share their future plans for respective markets. From that perspective, MG Motors India and the JSW Group of India today officially announced their partnership at an event held in Mumbai. According to the joint venture, an investment of Rs 5000 crores has been made by JSW Group to further foster the growth of the MG brand in India.
During the event, MG showcased its most hyped electric sports car the cyberster. Apart from the convertible roadster, the company also provided a glimpse of the MG4 EV and MG5 alongside the current model range on sale in the country.
Read Here: MG Cyberster Electric Sports Car Showcased in India
JSW MG Motor India: Future Plans
Since this was the first time that both MG and JSW Group were holding an event together, it was natural for them to lay out a concrete plan in the open. To this, Sajjan Jindal, the Chairman of JSW Group, expressed the intention to introduce an electric vehicle every 3 to 4 months.
As per the JV, against the investment of Rs 5,000 crore; the JSW Group has picked up a 35 percent stake in the Indian operations of MG Motors. This amount according to the company would be utilized to enhance production capacity and expand the product offerings within the country. With emphasis on NEVs, the automaker is looking to increase current manufacturing capacity from 1,00,000 plus to up to 3,00,000 vehicles annually.
Looking to target the electric vehicle segment in particular, the brand has expressed its desire of selling 1 million electric vehicles in India by 2030. To achieve this feat, the manufacturer is looking to strengthen its R & D. This as per them would be done by setting up Research and Development centres that would work on connected, new age and local mobility solutions.
Catering to various price segments starting with the MG Comet and ZS EV, the intent is clear that the automaker wants to make EVs more accessible right from lower down to up.
Speaking on the occasion, Parth Jindal - Member of Steering Committee of JSW MG Motor India said, “The JSW MG Motor India joint venture is a momentous joint venture. It is the coming together of two giants in SAIC and JSW. By leveraging the legacy of a world-renowned British brand, cutting-edge MG technology and JSW’s local manufacturing knowledge and acumen, I have no doubt that JSW MG will make world-leading products in India for India and the world. It is our goal to be the leading auto OEM in the NEV segment in India and we will be working tirelessly to bring the best available technology into India so that we can give the Indian consumer what they truly want, which is world-class cars at affordable prices. MG India 1.0 has had a very good 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and successful. We are grateful that SAIC chose to partner with us and can’t wait to get going.”
In JSW Group, we have found an ideal local partner to continue the growth story of the MG brand in India. In less than five years, Team MG India has established a rock-solid foundation – a testament to our commitment to innovation, diversity, community service and robust customer care. Today, we are among the fastest-growing OEMs in the country. This foundation empowers us to embark on a new chapter, MG 2.0, and the joint venture marks a pivotal step in this journey. We will offer a range of vehicles from ICE to NEVs, staying focused on building a robust and sustainable EV ecosystem in India. We are firmly committed to expanding our manufacturing footprint with extensive localization by leveraging JSW Group’s extensive knowledge and expertise in manufacturing at scale”, commented Rajeev Chaba, CEO Emeritus of MG Motor India.
