JSW-MG Motor readies five new cars, to focus more on EVs, hybrid vehicles

In March this year, the JSW Group signed a joint venture agreement with China's SAIC Motor-owned MG Motor India to manufacture electric and hybrid vehicles for the Indian market

JSW-MG Motor India, known as MG Motor India Pvt Ltd until 2024, is gearing up to expand its market presence with a series of major product launches. Over the next year, the company plans to introduce five to six new vehicles, including three plug-in hybrid electric vehicles (PHEVs) and two battery electric vehicles (BEVs), people directly aware of the company’s plans told Moneycontrol requesting anonymity.

According to the people cited above, the upcoming launches, which is the first major product launch by the company after the billionaire Sajjan Jindal led JSW group came on board as a partner,  include a new EV model slated for October this year, followed by two new models (one EV and one ICE) in January next year, and a premium EV launch in March 2025.

Additionally, a model offering three variants—ICEV, Hybrid, and EV—is expected in September this year, with prices for these launches going up to the ex-showroom price of Rs 35 lakh they said.

Among the upcoming releases, there will be a new Astor priced between Rs 10-19 lakh, alongside a PHEV version of the Hector at approximately Rs 25 lakh and an EV version also priced at Rs 25 lakh. The Gloster PHEV, priced at Rs 50 lakh, and the Bingo electric hatch at Rs 10 lakh are also part of the upcoming lineup.

Furthermore, the Yunduo electric hatchback, set to be renamed Cloud EV, will debut in March next year at Rs 20 lakh, with a PHEV variant in consideration at Rs 20-25 lakh.

Notably, products showcased at previous Auto Expos such as Equinox 7, MG3, and 4EV are not currently planned for production, according to the persons cited above.

"We have robust business plans to expand our market presence and manufacturing footprints with significant localisation up to 80-90 percent. The joint venture plans to launch new products, in the domain of NEVs including EVs, PHEVs, and Hydrogen fuel celled technology, every three to six months starting with one model during the upcoming festive period this year," stated JSW MG Motor India spokesperson in an emailed response to the queries sent by Moneycontrol.

Commenting on the launches and its potential impact on competition, Puneet Gupta, director at S&P Global Mobility, said, "MG JSW is expected to make a significant impact with its new offerings and diverse powertrain options. As pioneers in PHEVs, they provide a unique product amidst Japanese manufacturers. Given the current limitations in charging infrastructure, PHEVs are seen as a practical choice. With their latest portfolio and investments, MG is well-positioned to compete directly with its rivals."

Established in 2019, JSW MG Motor India is a joint venture between Mumbai-based JSW Group and Shanghai-based SAIC Motor, which markets vehicles under the British MG marque. Presently, the company offers six models in India, with prices ranging from Rs 6.98 lakh to Rs 43.86 lakh, including Hector, Astor, Gloster, Comet EV, and ZS EV.

In March this year, the JSW Group signed a joint venture agreement with China's SAIC Motor-owned MG Motor India to manufacture electric and hybrid vehicles for the Indian market. In the JV, JSW Group currently owns a 35 percent stake, while the remaining 65 percent is owned by SAIC, which has 49percent, private equity fund Everstone Capital, and a collective of dealers. Separately, JSW Group is also investing Rs 40,000 crore to establish an integrated EV facility in Odisha.

Moneycontrol reported in June 18 that JSW MG Motor India plans a public listing in three years with JSW Group increasing its stake in the JV to up to 51 percent by way of infusions of equity at regular intervals, Moneycontrol had reported.