Raw material manufacturer JSW Group partnered with Morris Garages (MG) Motor India on Wednesday, and the company outlined big plans for the Indian automobile sector, including the development of new energy vehicles.
The newly created joint venture will be formally called JSW MG Motor India. JSW MG Motor India intends to launch one new model every three to four months beginning in September 2024. Sajjan Jindal, Managing Director of JSW Steel, compared the aggressive launch plan to “India’s legendary Maruti moment.”
The company also looks to export these models, emphasizing localization and manufacturing in India. They are also creating a comprehensive charging infrastructure to enhance Electric Vehicles (EVs).
JSW Steel has an aim to gain 33% market share and to invest ₹5,000 crore ($60.29 million) in the New Energy Vehicle (NEV) segment by 2030. Furthermore, it is looking to sell one million passenger EVs by the same timeline. The joint venture positions MG Motor India for even greater influence and success.
The Indian conglomerate is determined to increase its presence in the domestic market and contribute to the country’s automotive industry. Along with the MG Cyberster, JSW MG Motor India introduced the new MG 4 EV crossover.
JSW Steel, headquartered in Mumbai, Maharashtra, specializes in sectors such as energy, infrastructure, cement, IT, steel, mining and foundation.
At the point of conversion, $1= ₹83.12
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