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Private Sector | Gujarat - India | PID: 202666
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JSW Group and Chinese automotive giant SAIC Motor-owned MG Motor India have joined forces to form an automotive joint venture, JSW MG Motor India. In this partnership, JSW will hold a 35 percent stake, and SAIC will support the joint venture with advanced technology and products for mobility solutions focused on the Indian consumer.
The joint venture will produce both electric and internal combustion engine cars, and will deepen localistion in India. The objective is to launch one new designed car every three to four months, even as the focus on new energy vehicles (NEVs) is the way forward as it is the key to reduce India's dependency on oil imports. With the technology from MG and group's strength, it is also building a charging system.
JSW MG Motor also plans to foray into the premium passenger vehicle segment. MG has unveiled a new offering MG Cyberster, which will be part of the company's premium offering. By 2030, it aims to take leadership position in the NEV category with an extensive product portfolio. MG intends to sell one million passenger EVs in the year 2030.
As part of its growth plan, MG Motor India plans to establish a second manufacturing facility in Gujarat, in addition to its Halol unit. The new unit is slated to have more than double the company’s installed capacity, taking it to three lakh units, from the current 1.2 lakh units. The company will increase its production in Halol, Gujarat, mainly making NEVS. JSW MG Motor India will invest Rs 5,000 crore to enhance production capacity and introduce products.
MG Motor, a British brand owned by Shanghai-headquartered SAIC Motor in 2023 entered into a joint venture with the JSW Group.
| Updated on: 26 - Mar - 2024
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