JSW-MG Motors combine eyes top spot in NEVs, targets 1 million EV sales by 2030

JSW Group and MG Motors have officially joined hands to form a new company focused on new electric vehicles (NEVs) in India.

The JV -- JSW MG Motor India Pvt Ltd -- will launch a new product every three to six months starting September this year, with two products scheduled for launch this calendar year, the partners revealed. The products will be "futuristic" with "attractive value propositions", the companies said in a press release.

JSW MG Motor India will operate in the conventional vehicles as well as NEV space. The JV will expand MG Motors' manufacturing facility at Halol, Gujarat to churn out 3 lakh vehicles a year from 1 lakh at present.

JSW owns a 35 percent stake in the venture. Parth Jindal, Managing Director of JSW Cement, told reporters that the total investment in the JV is ₹5,000 crore. He added that the combine is looking to capture 33 percent market share in the NEV space by 2030, with sales of 1 million passenger EVs in addition to sales of other models.

The JV's corporate structure would allow JSW to nominate the chairman while SAIC would decide the board, he added.

Sajjan Jindal, Chairman, JSW Group, said: "We want to launch one new designed car every 3-4 months," and added that the company's idea was to create a "Maruti moment" in new energy vehicles.

Explaining this, Jindal pointed out that Maruti launched new car models during the 1990s and rapidly accrued market share. The company currently accounts for half the cars sold in India. Jindal said the JSW-MG combine was looking for a new energy vehicle Maruti moment: the company aims to bag the leadership position in the NEV category by 2030. 

JSW MG Motor India also aims to build a smart, sustainable EV ecosystem. Sajjan Jindal said the company was also building a charging system "With technology from MG."