Sajjan Jindal, Chairman and Managing Director of JSW Group, plans to revolutionise the Indian electric vehicle (EV) market by focusing on indigenising EV technology to better align with the unique needs of Indian consumers. Speaking exclusively to Moneycontrol, Jindal said the group will establish dedicated R&D and design centres over time, aiming to indigenise and localise EV technology to cater specifically to the Indian market.
The group, through its joint venture company JSW MG Motor India, entered the electric vehicle space earlier this year and currently relies on the Chinese company for technology.
Jindal-led JSW Group aims to disrupt the new energy passenger vehicle segment in India with plans to price electric vehicle at least at the same price as a fuel-powered vehicle. The group is eyeing the rising middle class income segment with attractive prices achieved through localised supply chain including leveraging group companies such as JSW Steel.
"Through (JSW) MG Motor, we are focusing on new energy vehicles, though a few models may have internal combustion engines (ICE). Separately, we are also working on a JSW Auto project to develop state-of-the-art EVs. This project, under a new company, will take about two years to materialise," Jindal said.
Indian companies must take a leadership role in auto sector: Sajjan Jindal
JSW Group and other Indian shareholders have invested Rs 5,000 crore in the JV for capacity expansion and the introduction of new car models.
In recent years, India’s EV market has evolved into a highly competitive space, with multiple players vying for a share of the rapidly growing pie. The widespread adoption of EVs, marked by the sale of 1.66 million units in FY2023-24—a steep 41 percent growth over the previous year, indicates that EVs are no longer a niche market in the country.
Key players like Tata Motors dominate the passenger EV segment. Simultaneously, global players like MG Motor, BYD, and Hyundai are expanding their footprints with premium offerings.
"If MG could capture 5-7 percent of the market share in the next three years, I would consider that a satisfying achievement. But it's important to remember that we’re just getting started, and success will depend on the products we bring to the market and how they resonate with consumers," Jindal said.
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JV plans
When asked about the sustainability of the partnership given Indo-China tensions, Jindal said the group is yet to face any restrictions from SAIC regarding technology or operations. "Our plan is to increase the Indian ownership of MG Motor, with Indian investors collectively holding 65 percent of the company and SAIC reducing its stake to 35 percent. This will ensure that MG Motor operates as an Indian company, leveraging Chinese expertise in the short term while building local capabilities," he added.
The joint venture company, JSW MG Motor India, aims to sell one million passenger electric vehicles in India by 2030. Jindal envisions this venture as the group’s opportunity to create a transformative 'Maruti moment' in the EV market. "With the transition to EVs and new technologies in the auto sector, I felt it was the right time to pursue this dream. Building cars has always fascinated me, and I’m thrilled to finally bring this vision to life through our ventures," Jindal said.
Jindal also flagged the group's ambition to challenge the dominance of foreign brands like Hyundai and Kia by offering high-quality, affordable vehicles for Indian consumers at scale. Jindal said that Indian companies should take a lead in the auto industry.
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