JSW Group Charges Ambitions with New EV Brand Launch in India While specific details about upcoming models remain under wraps, the move signals JSW's entry into a competitive sector dominated by established players such as Tata Motors, Mahindra, and Hyundai.
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JSW Group is preparing to launch its own EV brand, underscoring its commitment to shaping India's growing EV landscape. This revelation comes just months after partnering with China's SAIC Motor in a $1.5 billion joint venture to produce Morris Garages (MG) electric vehicles (EVs). In an interview with The Financial Times, JSW chairperson, Sajjan Jindal, emphasized the company's focus on self-reliance and domestic production. "Our idea is not to be an outpost of a Chinese company to sell products in India," Jindal stated. "We want to manufacture the products in India, value-add in India, and sell in India."
Earlier this year, JSW acquired a 35 per cent stake in MG Motor India, part of SAIC Motor. The partnership was forged after SAIC encountered challenges securing funds in India due to restrictions on Chinese investments, imposed in 2020 after border tensions between the two nations.
To bolster its new EV initiative, JSW plans to establish a dedicated car manufacturing plant in Aurangabad, Maharashtra. The venture, supported by a INR 27,200 crore investment in EVs and commercial vehicles announced in October, is expected to generate 5,200 jobs.
While specific details about upcoming models remain under wraps, the move signals JSW's entry into a competitive sector dominated by established players such as Tata Motors, Mahindra, and Hyundai. JSW MG Motor India recorded notable growth in November 2024, selling 6,019 wholesale units, a 20 per cent year-on-year increase, with EVs contributing 70 per cent of the sales. The electric crossover Windsor alone accounted for 3,144 units.
India's EV market is still nascent compared to China, in contrast, China's EV dominance has been driven by aggressive subsidies and incentives. India's policies have largely spurred the adoption of electric two-wheelers, leaving significant growth potential for full-size EVs.
JSW's latest venture reflects its broader strategy to capitalize on this growing demand, while also aligning with India's push for domestic manufacturing and reduced reliance on imports. By moving decisively into EV production, JSW is poised to reshape its role in India's transition to cleaner, more sustainable transportation.
