JSW MG Motor India to invest Rs 5,000 cr, to set up second plant at Halol
Pune: JSW MG Motor India will invest Rs 5,000 crore to expand annual capacity to produce 3 lakh cars annually and launch one new car every 3-6 months starting September.
MG Motor also showcased its new electric sportscar Cyberster which is all set to go on sale in international market later this year and also hit the Indian market. The company also showcased the MG 4 EV hatchback and the MG 5 EV estate.
The newly formed company, a joint venture between China's SAIC and the India $23-billion revenue JSW Group will also seek to create a "Maruti moment" in the new energy vehicle segment, said JSW Group Chairman Sajjan Jindal.
The joint venture aims to sell one million passenger electric vehicles in India by 2030 when the total market is expected to be 10 million units annually.
“We will set up our second plant in Gujarat near our existing unit at Halol itself," MG Motor India Chairman Emeritus Rajeev Chaba told reporters, adding that the company's production capacity will jump from over 1 lakh per year to over 3 lakh a year.
He said the total investment from all stakeholders would be over Rs 5,000 crore on capacity enhancement and new product introductions.
Jindal said the company will now launch one new car every 3-4 months from September this year. "We will manufacture the cars in India not only for India but also export these cars to the most developed markets,” he said.
"Forty years ago, when Maruti came to India, it changed the auto industry. It brought very efficient cars, very lightweight cars and the Ambassadors and the Fiats went into oblivion. Maruti brought in state-of-the-art new cars. Today they are the market leader," Jindal said.
"I believe that with MG we can create a new energy vehicle Maruti moment," he said.
JSW MG Motor India is seeking to be the market leader in the new energy vehicle (NEV) segment in India, targeting sales of 10 lakh units annually by 2030.
"We are aiming to have 33 per cent of the new energy vehicle segment by 2030, which means, we will sell one million passenger vehicles only electric apart from all the other products that we will sell,” said JSW MG Motor India Member of Steering Committee Parth Jindal.
Last year in November, China's largest automaker SAIC Motor had inked a joint venture agreement with the JSW Group to accelerate the transformation and growth of MG Motor in India.
MG Motor is a British brand owned by Shanghai-headquartered SAIC Motor.
JSW Group will hold 35 per cent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technology and products to deliver mobility solutions with a focus on the Indian consumer, as per the agreement.
