In order to increase MG Motor’s presence in India, SAIC, the parent company of MG Motor, today established a joint venture (JV) with JSW Group. Officially, the joint venture is now known as JSW MG Motor India Private Limited. According to the corporation, it would take advantage of the large prospects in the Indian automotive market with this JV.
JSW MG Motor India announced that it will launch a new vehicle every three to six months, beginning in September 2024—this festive season.
The firm has not yet disclosed any information regarding the two new models that are scheduled to be released this year; they anticipate that one of them will be an all-electric MPV. Additionally, the business stated that all of these planned new automobiles will be produced in India and exported to a few other international markets. Additionally, the business intends to boost production capacity from the present 1 lakh+ units to up to 3 lakh cars yearly, with an emphasis on introducing electrified models, which will include both pure EVs and plug-in hybrids.
Currently, JSW owns a 35% share in this joint venture. The alliance intends to launch new projects for the Indian auto industry, such as creating and introducing new electric vehicles, increasing production capacity, enhancing charging infrastructure, and sourcing locally. Through this joint venture, MG Motor will be able to localise and aggressively price its next models.
The corporation also stated that in order to meet the various preferences of automobile purchasers, it will concentrate on enhancing its technological, research, and development capabilities by establishing an R&D facility. The new research and development centre will create local, modern, and connected mobility solutions, improving car consumers’ access to cutting-edge goods and technologies.
The primary goals of this joint venture are carbon neutrality, sustainability, and green mobility. It will continue to concentrate on hastening the uptake of electric vehicles. According to the company, it wants to become a market leader in the NEV category by 2030 and have a wide range of products that include New Energy Vehicles. The company intends to become carbon neutral by 2029 and now sources more than 60% of the energy needed for its manufacturing activities in Halol, Gujarat, from renewable resources. In addition to announcing the joint venture, MG Motor unveiled the MG Cyberster electric sports vehicle. The vehicle, which debuted in 2021, is the brand’s first electric sportscar.
Parth Jindal, a member of JSW MG Motor India’s steering committee, suggests that “The JSW MG Motor India joint venture is a momentous joint venture. It is the coming together of two giants in SAIC and JSW. By leveraging the legacy of a world-renowned British brand, cutting-edge MG technology and JSW’s local manufacturing knowledge and acumen, I do not doubt that JSW MG will make world-leading products in India for India and the world.It is our goal to be the leading auto OEM in the NEV segment in India and we will be working tirelessly to bring the best available technology into India so that we can give the Indian consumer what they truly want which is world-class cars at affordable prices. MG India 1.0 has had a very good 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and successful. We are grateful that SAIC chose to partner with us and can’t wait to get going.”
MG Motor India’s CEO Emeritus Rajeev Chaba stated,”In JSW Group, we have found an ideal local partner to continue the growth story of the MG brand in India. In less than five years, Team MG India has established a rock-solid Foundation a testament to our commitment to innovation, diversity, community service and robust customer care. Today, we are among the Fastest-growing OEMs in the country. This foundation empowers us to embark on a new chapter, MG 2.0, and the joint venture marks a pivotal step in this journey. We will offer a range of vehicles from ICE to NEVs, staying focused on building a robust and sustainable EV ecosystem in India. We are firmly committed to expanding our manufacturing footprint with extensive localization by leveraging JSW Group’s extensive knowledge and expertise in manufacturing at scale.”
