Updated March 20th, 2024 at 16:03 IST

JSW Group aims 1 mn EV sales in India by 2030 as part of MG Motor JV

The joint venture aims to foray into the premium passenger vehicle segment.

Reported by: Business Desk
Cyberster | Image:MG Motor India
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India’s one of largest conglomerates, JSW Group has formed a joint venture with Chinese SAIC Motor’s concern MG Motor, and launched Cyberster, an all-electric convertible roadster for the Indian market. 

The company claims that the Cyberster can accelerate from 0-100 km/h in just 3.2 seconds.

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JSW Group and Chinese SAIC Motor’s concern MG Motor, are aiming to manufacture one million electric vehicles to be sold in India by 2030, said a company official of the JSW Group.

The JV is eyeing to step into the premium passenger vehicle segment, the companies said in a joint statement.

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At present, MG Motor has two electric cars in the Indian market, the Comet EV, a small car. ZS EV, which is an SUV, is the second offering from MG Motors. 

The announcement regarding the JV comes days after launch of the EV policy

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The two companies said that the JV plans to move into the premium passenger vehicle segment as they launched their new model, a sports car named the "Cyberster EV".

Rajeev Chaba, MG Motor India's Managing Director said that the two auto firms plan to infuce a total of Rs 5,000 crore into the JV.

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Sajjan Jindal, JSW Group chairman, said he was hopeful that the JV will see transformation of India's EV sector, in a similar trend that saw Maruti Suzuki disrupting the automotive market almost four decades years ago with "very efficient, very lightweight cars".

India had last week cut import duty on some EVs for carmakers that commit to invest at least $500 million and start local manufacturing within three years.

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The partnership with JSW will help raise MG Motor's annual production capacity from 100,000 to 300,000 units, the companies said in a statement, without giving a target date for this.

SAIC Motor and JSW announced the formation of the JV in December last year, with the Indian group holding a 35 per cent stake.

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Published March 20th, 2024 at 16:03 IST