JSW MG Motor India to Recreate ‘Maruti Movement’ in India with New EVs

The joint venture between JSW and MG Motor will now be known as JSW MG Motor India.

Published On: 20/03/24
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JSW Group acquired a 35% stake in MG Motor in November 2023.
MG Motor will also set up a countrywide charging network.

JSW and MG Motor have disclosed their plans for India at an event held in Mumbai. MG is planning to expand its EV offering in the country with the aid of JSW Group. The joint venture between the two companies will now be known as "JSW MG Motor India." JSW Group acquired a 35% stake in MG in November 2023. MG and JSW Group announced at the event that new products will be introduced in India, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), every three to six months starting in September this year. In addition, the company will also set up a countrywide charging network.

At the event, the company showcased models like the MG4, MG Cyberster, and MG5. However, the brand has not revealed when these products will hit the Indian market. The company also talked about its manufacturing objectives, which include producing new models at its sites in Gujarat and Odisha.

JSW India has also signed a MoU (Memorandum of Understanding) with the Odisha government to establish an EV battery and integrated electric vehicle (EV) manufacturing plant in Paradip and Cuttack. The battery facility will have a capacity of up to 50 GWh, and it will also house a copper smelter, a lithium refinery, and other EV component production units.

The company also aims to increase the manufacturing capacity at MG's Gujarati facility in Halol. With all of this, the brand will be able to manufacture around 3 lakh cars annually, which it will utilize to produce vehicles for the Indian market, and it will also export the locally manufactured components to other countries as well. The JSW Group Chairman, Sajjan Jindal, stated, “MG and JSW Group will create a Maruti-like movement in India. We aim to take a 33 percent share in India’s EV market by 2030."

In India, MG Motor is currently the second-biggest EV maker after Tata Motors. The company sells models like the Comet EV and the ZS EV in India. With this new joint venture, MG Motor is all set to expand its EV lineup in the coming months.