Indian steel producer JSW and Chinese automaker Saic Motor have launched a joint venture to sell MG brand EVs in India.
The JV will expand the production capacity for MG EVs, source core components locally, and look to improve charging infrastructure in the nation.
JSW will own 51pc of the JV and Saic 49pc.
“Our strategic collaboration with Saic Motor aims to grow and transform the MG Motor operations in India with a focus on green mobility solutions,” says JSW Group’s Parth Jindal. “One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem.”
MG Motor India — which is owned by Saic — already sells the ZS and Comet EV models in India and has begun rolling out a charging network in the country.
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The two firms said they plan to bring out at least six new models over the next three years — although not all of these will be EVs.
"In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers,” says Wang Xiaoqiu, President of Saic Motor.
The Indian EV market is positioned to grow in coming years thanks to tax exemptions on BEVs and HEVs, as well as a government target of achieving 30pc of all vehicle sales being electric by 2030, according to the Trade Promotion Council of India.
Vietnamese automaker Vinfast recently broke ground on a new manufacturing facility in the Indian state of Tamil Nadu.
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