JSW plans own made-in-India EV brand: report

JSW Group plans to launch its own electric vehicles (EVs) brand, chairperson Sajjan Jindal said in an interview with the Financial Times, signaling a move by the Indian steelmaker to become a significant player in the country’s growing EV sector.

The remarks come months after JSW Group secured a $1.5 billion joint venture with China’s SAIC Motor to produce EVs under the Morris Garages (MG) brand name.

Jindal told FT about his company’s strategy, stressing JSW’s plans to go beyond being a mere partner in a Chinese venture.

“Our idea is not to be an outpost of a Chinese company to sell products in India,” Jindal said, adding, “We want to manufacture the products in India, value-add in India and sell in India.”

In March, JSW acquired a 35% stake in MG Motor India from SAIC after the Chinese company faced challenges due to stricter Indian regulations on Chinese investments, which was result of the 2020 border tensions between New Delhi and Beijing.

This partnership helped SAIC continue its operations in India and also led to the introduction of MG’s electric vehicles.

As part of entering the EV market in India, JSW is setting up a new plant in Aurangabad, Maharashtra, focused solely on EV and commercial vehicle manufacturing.

The facility is part of JSW’s broader Rs27,000 crore investment, which is expected to generate over 5,000 jobs in Aurangabad.

The move will see JSW directly competing with automobile giants such as Tata Motors, Mahindra and Mahindra, and Hyundai in India’s growing electric vehicle sector.

JSW MG Motor sold 6,019 EVs in November, a 20% year-on-year jump, with EVs making up for 70% of the company’s sales for the month. Notably, the electric crossover, Windsor, sold 3,144 units.