JSW Group is preparing to introduce its own electric vehicle (EV) brand, indicating its intention to become a significant player in India’s rapidly expanding EV market, months after signing a $1.5 billion joint venture with China’s SAIC Motor to manufacture and market Morris Garages’ EVs.
JSW Chairperson Sajjan Jindal stated in an interview with The Financial Times that the organization does not wish to act as a “outpost of a Chinese company.”
“We don’t want to be a Chinese company’s outpost selling goods in India,” Jindal stated. “We intend to manufacture, value-add, and sell the products in India.”
Earlier this year, SAIC sold a 35% share in MG Motor India to the steel giant. After having trouble raising money because of India’s stringent restrictions on Chinese investments, which were put in place in 2020 as a result of border disputes between the two nations, the Chinese company teamed up with JSW for its activities in India.
Jindal further disclosed that this new EV-focused endeavor will be the focus of JSW’s planned auto facility in Aurangabad, Maharashtra.
JSW plans to join a competitive market that currently includes Hyundai, Mahindra, and Tata Motors by introducing its own EV brand.
Even though EV sales in India have lagged behind those in China, they are starting to increase, especially among affluent buyers. S&P Global Mobility estimates that approximately 2% of India’s passenger car industry is now made up of full-size electric vehicles, with only 100,000 sold per year.
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