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JSW Group, MG Motor India to roll-out first model under new JV

Thehindubusinessline

Thehindubusinessline · 1y ago

JSW Group, MG Motor India to roll-out first model under new JV

MG Motor India, in a joint venture with JSW Group, is set to launch its MG5 sedan in India on March 20. The event will also mark JSW Group's acquisition of a 38% stake in MG Motor India, as well as an announcement about future investments in the automobile venture. While SUVs dominate the Indian market, MG's decision to introduce a sedan reflects a unique approach. The MG5 offers style, comfort, and practicality, aiming to appeal to buyers seeking a well-equipped car with a dynamic driving experience.

Related News

JSW Group to increase stake in JSW MG Motor India amid SAIC's exit from Indian Market

Economic Times

Economic Times · 1m ago

JSW Group to increase stake in JSW MG Motor India amid SAIC's exit from Indian Market

JSW Group plans to increase its stake in JSW MG Motor India, a joint venture with SAIC Motor. SAIC is prioritizing investments in China and Europe, reducing focus on India. JSW aims to become the largest shareholder in the venture, which manufactures the Hector SUV and Windsor EV. Additionally, JSW is pursuing licensing agreements with Chinese automakers to boost its electric vehicle offerings, focusing on localization amid geopolitical tensions with China.

Info Edge Gets CCI Nod For 8% Stake Buyout In MG Motor India

Inc42 · 1y ago

Info Edge Gets CCI Nod For 8% Stake Buyout In MG Motor India

Chinese automotive manufacturer SAIC Motor-owned MG Motor India has been actively operating in the Indian electric vehicle market. The company recently entered into a joint venture with JSW Group to produce electric and internal combustion engine cars. Info Edge India Fund has received approval from the Competition Commission of India to acquire an 8% stake in MG Motor India. This acquisition will grant Info Edge India Fund 8.70% of the voting and economic rights. MG Motor India has also ventured into the metaverse with its MGverse platform and partnered with Tata Power to install superfast chargers for electric vehicles at select MG dealerships.

Exclusive: MG Motor India set to bring private equity fund to its captable

VCCircle

VCCircle · 1y ago

Exclusive: MG Motor India set to bring private equity fund to its captable

MG Motor India is reportedly planning to bring a private equity fund on board as a new investor. The move comes as MG Motor's parent company, SAIC Motor, seeks to divest its stake in the Indian automaker. SAIC Motor, which is China's largest automaker and the tenth largest globally in terms of revenues, recently partnered with JSW Group to facilitate the divestment process. Details about the private equity firm and the terms of the investment have not been disclosed yet.

MG Motor Windsor EV: All you need to know about the battery subscription plan

Money Control

Money Control · 11m ago

MG Motor Windsor EV: All you need to know about the battery subscription plan

JSW MG Motor India is launching a Battery-as-a-Service (BaaS) offering, allowing customers to pay for battery usage separately from the initial vehicle cost. The cost starts at ₹3.5 per km, excluding charging cost. There are no additional charges except for a nominal charging cost of around Rs1 per km. The program also offers easy exit options through financiers. Additionally, JSW MG Motor India is introducing a 3-60 assured buyback plan, ensuring the Windsor model retains 60% of its value after 3 years/45,000kms. Battery rentals include both interest and principal components.

JSW Group eyes multiple global auto OEM alliances

Livemint

Livemint · 1y ago

JSW Group eyes multiple global auto OEM alliances

Indian conglomerate JSW Group, headed by Sajjan Jindal, is reportedly considering forging multiple alliances with automobile original equipment manufacturers (OEMs) in India. JSW has already signed a share purchase agreement with Chinese state-owned SAIC, parent company of MG Motor India, to establish a joint venture (JV). The group is also said to be in talks with German automaker Volkswagen for a potential separate JV. JSW Group aims to become a common shareholder in both JVs. Volkswagen has been interested in partnering in India to strengthen its position in the Indian market.

JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030

VCCircle

VCCircle · 1y ago

JSW Group-MG Motor venture aims to sell 1 mn EVs by 2030

The joint venture between JSW Group and MG Motor aims to sell one million electric vehicles in India by 2030. The companies plan to enter the premium passenger vehicle segment. MG Motor already has two electric car offerings in India. This announcement comes after India lowered import taxes on certain electric vehicles, encouraging carmakers to invest and manufacture domestically. This move benefits Tesla, which plans to enter the Indian market. Electric cars currently represent about 2% of total car sales in India, but the government has set a target of 30% by 2030.

JSW shifts gears with fresh funding in auto biz, new EV models on the way

Livemint

Livemint · 9d ago

JSW shifts gears with fresh funding in auto biz, new EV models on the way

JSW Group, led by Sajjan Jindal, is intensifying its focus on the automotive sector by investing $115 million in its own brand, JSW Green Mobility. The group is also seeking up to $300 million from external investors for its joint venture with MG Motor India. These investments signal a strong move into the mobility industry by the conglomerate, which has a primary presence in steel, energy, cement, and infrastructure sectors.

Intend to move away from conventional vehicles, focus on NEVs: JSW MG Motor Director Parth Jindal

Money Control

Money Control · 11m ago

Intend to move away from conventional vehicles, focus on NEVs: JSW MG Motor Director Parth Jindal

JSW MG Motor India is shifting its focus towards new energy vehicles (NEVs) and aims to move away from conventional internal combustion engine vehicles. Parth Jindal, company Director, stated that NEVs will be the cornerstone of MG going forward, with a target of over 50% of total sales coming from electric vehicles by 2024. The company recently launched its electric crossover utility vehicle, MG Windsor. It plans to introduce a new car every four to six months and aims to avoid traditional ICE vehicles, although it may consider certain models if the technology has not yet developed.

JSW MG Motor India to hike vehicle prices from July

Economic Times

Economic Times · 2m ago

JSW MG Motor India to hike vehicle prices from July

JSW MG Motor India announced it will increase vehicle prices by up to 1.5% starting July 1, 2023. This adjustment, affecting most models, is necessary due to rising input costs and other macroeconomic challenges. The company offers a range from conventional engines to electric vehicles, such as the Comet EV and SUV Gloster, priced between Rs 7.36 lakh and Rs 43.35 lakh.

MG Motor India signs pact with Vertelo to deliver 3,000 EVs

Money Control

Money Control · 1y ago

MG Motor India signs pact with Vertelo to deliver 3,000 EVs

MG Motor India has signed a memorandum of understanding with integrated fleet electrification platform Vertelo to deliver 3,000 electric vehicles (EVs) in a phased manner. The partnership aims to provide sustainable mobility solutions and establish a robust EV charging infrastructure in India. Vertelo, a fleet electrification platform backed by Macquarie Asset Management and the Green Climate Fund, plans to purchase around 3,000 electric cars from MG Motor India to accelerate fleet electrification and achieve net-zero emissions. MG Motor India's current EV lineup includes the Comet and ZS EV.

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