highlights
Joint venture signed between JSW and MG.
The plan is to launch an electric vehicle every 3 to 6 months.
There is a plan to sell 10 lakh vehicles under the joint venture.
New Delhi. JSW Group, the leading steel manufacturer in India, is now going to try its luck in the field of electric vehicles. JSW Group has partnered with carmaker MG Motors, owned by Chinese automobile group SIAC. According to the report of Moneycontrol, JSW Group has formed a joint venture with MG Motor, in which JSW Group has a 35% stake. Under the joint venture, there is a plan to launch an electric product in the market every 3 to 6 months.
This joint venture has been named JSW MG Motor India Private Limited which aims to become the market leader in the electric vehicle category with a wide product portfolio. According to the report, the company will work in Halol, Gujarat focusing on the production of electric vehicles.
First car unveiled under joint venture
Under this joint venture, MG plans to increase its production capacity from 1 lakh to 3 lakh units per annum, underscoring the company’s commitment to meet the growing demand for sustainable transportation solutions. The first electric car developed under this joint, Cyberster, was also unveiled. At the same time, plans to launch the first electric car by September this year have been revealed.
Plan to sell 10 lakh vehicles
A JSW Group official revealed that the joint venture aims to sell 1 million (10 lakh) electric vehicles in India by 2030. The company has aimed to achieve this target in the premium electric vehicle segment. MG Motor offers two electric car models in India which include Comet EV and ZS EV. ,
The Government of India has recently approved the new electric vehicle policy. Under the new e-vehicle policy, import tax on electric vehicles has also been reduced for car manufacturers who invest at least $500 million and start domestic production within three years.
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Tag: auto news, cars, MG Motors
first published : March 20, 2024, 3:49 pm IST
