HomeNewsBusiness

JSW Group announces JV with China MG Motor, aims to launch a new product every 3-6 months

The venture plans to foray into the premium passenger vehicle segment, the companies said in a joint statement.

March 20, 2024 / 02:41 pm IST
Story continues below Advertisement
.

JSW Group-MG Motor venture aims to sell 1 million EVs in India by 2030

Conglomerate JSW Group and SAIC-owned MG Motor formed a joint venture to manufacture new electric vehicles (NEVs) in India, with plans to launch a new product including NEVs every three to six months beginning September with two new products to be launched this calendar year.

The JV, called JSW MG Motor India Pvt Ltd, aims to become a market leader in the NEV category with an extensive product portfolio.

Story continues below Advertisement

The company will operate in Halol, Gujarat with a focus on producing NEVs. JSW Cement Managing Director Parth Jindal, speaking to CNBC-TV18, said that the total investments made in the JV is Rs 5,000 crore.

Sajjan Jindal, expressing determination to disrupt the sector, outlined plans to ramp up MG's production capacity from 1 lakh to 3 lakh units per year, underscoring the company's commitment to meeting the burgeoning demand for sustainable transportation solutions.