News Brief
'Maruti Moment': JSW Announces Joint Venture With MG Motor, Aims To Sell One Million EVs By 2030
JSW Group Chairman Sajjan Jindal and his son Parth Jindal
The joint venture between India's JSW Group and MG Motor, which is owned by China's SAIC Motor, is reportedly aiming to sell 1 million electric vehicles in India by 2030.
Parth Jindal, member of steering committee of the new JV, unveiled the new brand identity for JSW MG Motor India, following JSW Group's acquisition of 35 per cent stake in MG Motor India from SAIC.
The JV aims to launch a new car models every three-six months.
"The idea is to create a Maruti moment," said Sajjan Jindal, Chairman, JSW Group, Economic Times reported.
Maruti brought in new cars in the 1990s and now they have 50 per cent market share.
With MG, JSW can create New Energy Vehicle Maruti moment, Jindal said.
He said that India will be at par with the world as far as EVs are concerned and JSW MG Motor India will produce most advanced modern EVs.
"September onwards every three to four months we will also export them. We will deepen localistion, manufacture them here in India. That's my passion. With the technology from MG and group's strength, we are also building charging system," the JSW Group chairman said.
Parth Jindal said that MG aims to capture 33 per cent of the market of the New Energy vehicle segment by 2030, intending to sell one million passenger EVs in the year 2030 apart from all the other products that the company sells.
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