JSW MG Motor India - the joint venture between China's SAIC Motor and JSW Group is aiming to launch its first luxury car model by March 2025, the company informed on September 16.
“This move reflects the company’s strategic response to opportunities in the premium automotive market,” JSW MG India said in a statement.
To offer its 'new age' cars for premium customers, JSW MG will also be launching 'MG Select', a new sales outlet for its premium offerings, it said. ‘MG Select’ will offer a wide range of vehicles, primarily EVs, as well as hybrids, the company said.
Over the next two years, JSW MG aims to expand its portfolio to include four premium products. MG Select outlets will start operations with 12 major cities by the first quarter of next year, and more outlets will to follow soon, aiming to cater to a new set of customers of its upcoming premium line-up of cars.
At the launch of its Windsor EV last week, JSW MG Motor CEO Emeritus Rajiv Chaba had said that the company is gearing up to launch "one product every 6 months".
Read More: Intend to focus on NEVs: JSW MG's Parth Jindal
JSW MG Motor India, which also sells Hector, Astor and Gloster in the ICE SUV segment, is looking at double-digit growth.
Last year in November, China's biggest automaker SAIC Motor had inked a joint venture (JV) with the JSW Group to transform MG Motor in India. Under the new structure, JSW picked up a 35 per cent stake in the JV, Indian Financial Institutions (IFI) 8 per cent, dealers of MG Motor 3 per cent and 5 per cent earmarked for employees of the company. The remaining 49 per cent is with SAIC.
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