{"id":5271,"date":"2024-03-20T23:10:49","date_gmt":"2024-03-20T23:10:49","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/20\/jsw-says-mg-motor-jv-aims-to-sell-1-million-evs-in-india-by-2030\/"},"modified":"2024-03-20T23:10:49","modified_gmt":"2024-03-20T23:10:49","slug":"jsw-says-mg-motor-jv-aims-to-sell-1-million-evs-in-india-by-2030","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/20\/jsw-says-mg-motor-jv-aims-to-sell-1-million-evs-in-india-by-2030\/","title":{"rendered":"JSW Says MG Motor JV Aims to Sell 1 Million EVs in India by 2030"},"content":{"rendered":"
\"JSW<\/div>


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A joint venture between Indian conglomerate JSW<\/a> Group and MG Motor<\/a> expects to have sold 1 million electric vehicles in India by 2030 and corner a third of the market, a JSW executive said.<\/p>\n

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”.<\/p>\n

Rajeev Chaba, MG Motor India’s managing director, said during a media event for the launch that the two firms would inject a total of Rs. 50 billion ($602 million) into the JV.<\/p>\n

Meanwhile, Sajjan Jindal, JSW Group chairman, said he hoped the JV will transform India’s EV sector in a similar way to Maruti Suzuki disrupting the automotive market 40 years ago with “very efficient, very lightweight cars”.<\/p>\n

India’s landscape shifted last week as New Delhi cut import taxes on some EVs<\/a> for carmakers that commit to invest at least $500 million (roughly Rs.\u00a04,160 crore)\u00a0and start local manufacturing within three years.<\/p>\n

The policy change is a big win for Tesla, while analysts said the impact on sales for Indian players could largely be limited to manufacturers of pricier vehicles.<\/p>\n

EVs made up about 2 percent of total car sales in India in 2023, with the government targeting 30 percent by 2030.<\/p>\n

MG Motor, which is owned by China’s SAIC Motor, has two electric models in India: the small Comet EV and the ZS EV, which is an SUV.<\/p>\n

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.<\/p>\n

SAIC Motor and JSW announced the formation of the JV in December last year, with the Indian group holding a 35 percent stake.<\/p>\n

India’s competition regulator approved JSW’s proposed acquisition of a 38 percent stake in MG Motor India in January.<\/p>\n

JSW’s companies includes India’s largest steelmaker by capacity JSW Steel among others in various sectors.<\/p>\n

\u00a9 Thomson Reuters 2024<\/em><\/p>\n\n

Affiliate links may be automatically generated – see our ethics statement<\/a> for details.<\/i><\/div>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture between Indian conglomerate JSW Group and MG Motor expects to have sold 1 million electric vehicles in India by 2030 and corner a third of the market, a JSW executive said. The two companies said that the JV plans to move into the premium passenger vehicle segment as they launched their new […]<\/p>\n","protected":false},"author":2,"featured_media":5272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/i.gadgets360cdn.com\/large\/2024-03-20T072642Z_1_LYNXNPEK2J068_RTROPTP_4_INDIA-AUTOS-CONFERENCE_1_1710938473749.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[3541,3953,4316,273,8779,8777,8778,2458,8780,3556],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5271"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=5271"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5271\/revisions"}],"predecessor-version":[{"id":5273,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5271\/revisions\/5273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/5272"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=5271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=5271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=5271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}