Months after inking a USD 1.5 billion joint venture with China’s SAIC Motor to build and sell Morris Garages’ electric vehicles (EVs), JSW Group is now gearing up to launch its own EV brand, signaling its intent to become a major player in India’s fast-growing EV sector.
In an interview with The Financial Times, JSW Chairperson Sajjan Jindal said that the company does not want to serve as an “outpost of a Chinese company.”
“Our idea is not to be an outpost of a Chinese company to sell products in India,” Jindal said. “We want to manufacture the products in India, value-add in India, and sell in India.”
The steel giant acquired 35% stake in MG Motor India from SAIC, earlier this year. The Chinese company partnered with JSW for its Indian operations after facing difficulties securing funds due to India’s strict controls on Chinese investments, introduced in 2020 following border clashes between the two countries.
Jindal also revealed that JSW’s planned car plant in Aurangabad, Maharashtra, will be dedicated to this new EV-focussed venture.
In October, Aurangabad Industrial City welcomed JSW’s proposed INR 27,200 crore investment in EVs and commercial vehicles, a project expected to create 5,200 jobs.
Jindal, however, did not provide additional details about the specific models or investment plans, the FT report said.
By launching its own EV brand, JSW is set to enter a competitive market that already features Tata Motors, Mahindra, and Hyundai.
JSW MG Motor India sold 6,019 wholesale units in November 2024, a 20% increase year-on-year, with EVs making up for 70 per cent of the company’s sales for the month. Notably, the electric crossover, Windsor, sold 3,144 units.
While EV sales in India have been slower than in China, they are beginning to rise, particularly among wealthier consumers. Full-size electric cars currently account for only 2% of India’s passenger car market, with about 100,000 units sold annually, according to S&P Global Mobility.
Meanwhile, China’s dominance in the EV market has been fueled by government subsidies and incentives. In India, such incentives have primarily boosted the sales of electric two-wheelers.
