SAIC Motor and JSW Group have recently announced the finalization of their automotive Joint Venture (JV), forming ‘JSW MG Motor India Pvt Ltd’. The collaboration marks a significant step forward in the automotive sector for the marquee.
The JV aims to establish a robust electric vehicle ecosystem by integrating both forward and backward elements of the supply chain. Furthermore, they plan to ramp up production capacity to three times its current figure, reaching up to 300,000 vehicles annually. They also have an aggressive product rollout strategy, promising a new launch every three to six months, starting from September 2024.
While they eye a premium segment entry, they’re also committed to expanding their manufacturing footprint with a heavy emphasis on localization. This move is expected to generate employment opportunities.
Rajeev Chaba, CEO Emeritus of the now JSW MG Motor India, echoed similar sentiments, emphasizing their commitment to innovation and sustainability. He commented, “In JSW Group, we have found an ideal local partner to continue the growth story of the MG brand in India.”
The company’s plans include expanding production capacity in Gujarat, focusing on manufacturing NEVs. They’re also setting up an R&D center to cater to diverse car buyer preferences, promising connected and futuristic products. Additionally, with a focus on sustainability, they aim to become Carbon Neutral by 2029.
The JV’s efforts in job creation and skill development are noteworthy. They aim to skill 100,000 students and employees in EVs, Autonomous, and Connected car technologies. So, while the news may not set your pulse racing, it’s a step towards a more sustainable and skilled automotive future.
