“We will create a Maruti moment with EVs in India,” says Sajjan Jindal, chairman and managing director of the JSW Group.
MG Motor and the JSW Group announced today the creation and name of their new joint venture – JSW MG Motor India Pvt Ltd. Speaking at the event, Sajjan Jindal, chairman and managing director of the JSW Group, said, “We will create a Maruti moment with EVs in India.” Sajjan says the JSW Group has big ambitions for its newly entered automotive business and is targeting to sell 10 lakh new energy vehicles (NEV) in India by 2030, thus capturing one-third of the NEV market in India.
The company is planning to kick things off with a bang and will launch one new car every three to six months, said Parth Jindal, scion of the JSW Group. And the focus would be on new energy vehicles, which is MG speak for electrics and hybrids.
The scion of the JSW Group explained that the number of passenger vehicles sold in India in the year 2023 was very similar to China’s sales in 2005. That number in 2023, China sold 25 million (2.5 crore) passenger vehicles and out of those 25 million passenger vehicles, 32 percent were new energy vehicle products or NEVs i.e 8 million (80 lakh) were sold in China last year.
“In India, less than 2 percent or only 80,000 EVs were sold in the year 2023. Over the next 10 years, we are very sure that India is going to move from a 4 million (40 lakh) passenger vehicle market to a 10 million (1 crore) passenger vehicle market and we are very convinced that with all the support being provided by the government of India, that electric vehicles are going to follow the same adoption path that was followed in China,” said Parth.
Rajeev Chabba, MG Motor India MD, said the Group has a multi-fuel tech portfolio and is this not constrained in terms of bringing in the rights cars to India. Currently MG Motor operates out of its Halol, Gujarat plant, which is pretty much stretched to capacity. Thus, the Group says it will increase production capacity from its current 1 lakh to 3 lakh units annually.
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