Months after Sajjan Jindal-led JSW Group picked up a stake in MG Motor India, the joint venture announced its new name on Wednesday. The JV will be called JSW MG Motor India and plans to launch its first car in October this year.
The JV is eyeing a new car every three to six months. The focus will be on NEVs or new energy vehicles. These futuristic products with attractive value propositions enable the joint venture’s foray into premium passenger vehicle channel, the company said.
"We want to launch one electric vehicle every 3-4 companies in the next months. The idea is to create a Maruti moment," said Sajjan Jindal, Chairman, JSW Group.
JSW's Parth Jindal said the company is eyeing 33% of the electric vehicle market by the end of the decade. "We are very convinced that with the support of the government of India, EVs will follow a similar transition as seen in China. India is an oil importing country and the high current account deficit is due to oil imports. For India to become truly atmanirbhar (self-reliant) - electric vehicles are a way to go," he said.
The JV plans to foray in the premium passenger vehicle segment and aims to increase capacity at its Gujarat plant from 100.000 units to up to 300,000 vehicles annually. MG Motor also teased the much-anticipated Cyberster electric sportscar at the JV launch. The company is reportedly planning to market Cyberster under a high-end brand or via an exclusive retail outlet. The official launch, however, is still not clear.
Jindal has envisioned a made-in-India EV, just like a Tesla. The Group intends to produce electric cars and commercial vehicles at the same price as combustion engines for easy and wider adoption in the cost-competitive Indian market.
According to industry estimates, the price difference between EVs and ICE vehicles is almost 30 per cent.