JSW Group Chairman Sajjan Jindal is determined to usher in a revolutionary shift in India's automobile sector, akin to the impact maruti made in 1984. In collaboration with China's SAIC Motor-owned company MG Motor, JSW Group aims to spearhead significant changes in the country's Electric Vehicle (EV) industry.
Expressing his aspirations during the joint venture announcement in Mumbai, Sajjan Jindal emphasized the transformative potential of the partnership, drawing parallels to Maruti's game-changing influence four decades ago. He envisions replicating Maruti's success in the EV sector, echoing the sentiment of democratizing car ownership that maruti embodied with its affordable and robust vehicles.
The collaboration between JSW and MG Motor entails ambitious plans to triple their annual production capacity. MG Motor's production capacity is set to surge from one lakh units to three lakh units within a year, signifying a substantial expansion initiative. The joint venture, initiated in december 2023, will witness JSW Group holding approximately 35 percent stake, leveraging its extensive expertise across various sectors, notably JSW Steel, the country's leading steel manufacturing company.
In a bid to captivate premium customers in the EV segment, the joint venture unveiled the Cyberster EV model. This strategic move underscores the partners' commitment to innovation and market diversification. MG Motor has previously introduced two electric models in India, including the compact Comet EV and the SUV ZS EV, reflecting the company's dedication to advancing sustainable mobility solutions.
