Mumbai, March 20, 2024 – In a significant move that marks a new chapter in India’s automotive industry, SAIC Motor, the global automotive giant with operations in over 100 countries and annual revenues close to US$ 110 billion, has joined forces with the US$ 23 billion Indian conglomerate JSW Group, a leader in the B2B and B2C sectors, to form JSW MG Motor India Pvt Ltd. This joint venture aims to transform the Indian automotive sector with a sharp focus on the electric vehicle (EV) market, leveraging the strengths of both conglomerates to introduce innovative and sustainable mobility solutions.
The strategic partnership between SAIC Motor and JSW Group is set to create a dynamic shift in the automotive landscape, emphasizing the development of a resilient and comprehensive EV ecosystem in India. By combining SAIC Motor’s extensive automotive experience and technical knowledge with JSW Group’s robust manufacturing capabilities in India, the joint venture is poised to lead advancements in EV technology and sustainable practices in the automotive sector.
The vision for JSW MG Motor India includes a significant expansion of the current production capacity at its Halol, Gujarat facility, aiming to increase from over 100,000 vehicles annually to up to 300,000. This growth trajectory is anchored by an aggressive product launch strategy, with plans to introduce a new vehicle, focusing on New Energy Vehicles (NEVs), every three to six months starting this festive season. This marks a bold step towards catering to the evolving needs of Indian consumers, offering cutting-edge technology and sustainable vehicle options.
Further strengthening its commitment to the Indian market, the joint venture aims to delve into the premium passenger vehicle segment, offering luxurious and technologically advanced models. A key aspect of this strategy involves an extensive localisation effort, aimed at enhancing the manufacturing ecosystem in India and fostering economic growth by reducing dependencies on imports.
Employment generation and skill development stand at the forefront of JSW MG Motor India’s priorities. The venture pledges to create a significant number of job opportunities across various levels and sectors, coupled with a strong emphasis on upskilling and skilling initiatives to prepare the workforce for the future of mobility, focusing on EVs, autonomous, and connected car technologies.
Leadership voices from both SAIC and JSW Group have expressed strong optimism about the venture’s future. Parth Jindal, from JSW MG Motor India, highlighted the synergies between SAIC’s global expertise and JSW’s local manufacturing acumen as a foundational pillar for success. Rajeev Chaba, CEO Emeritus of MG Motor India, reflected on the solid groundwork laid by Team MG India and the joint venture’s dedication to innovation, diversity, and robust customer care as it embarks on the MG 2.0 chapter.
With a clear vision and a comprehensive strategy, JSW MG Motor India is not just aiming to lead in the NEV segment but is also set to drive the Indian automotive industry towards a greener, more sustainable future, reinforcing the commitment to innovation, customer satisfaction, and environmental responsibility.
