JSW MG Motor India Shifts Focus to Electric Vehicles

JSW MG Motor India, the joint venture between MG Motor and JSW Group, is accelerating its transition to electric vehicles (EVs). The company aims to have EVs account for nearly 50% of its total sales by the end of 2024, driven by the recent launch of the Windsor EV.

Key points:

• BaaS Model: The company’s Battery-as-a-Service (BaaS) offering makes the Windsor more affordable, comparable to a manual engine-based compact SUV.
• Pricing Advantage: The Windsor is priced significantly lower than other EVs in the market, like the Tata Nexon EV and Mahindra XUV400.
• Sales Target: JSW MG Motor aims to sell 70,000 units in India this year, a significant increase from the 60,000 units sold in 2023.
• Market Growth: The EV market in India is expected to grow to 15-20% of total passenger vehicle sales by 2030.

With its focus on EVs and competitive pricing, JSW MG Motor is well-positioned to capitalise on the growing demand for electric vehicles in India.

“We want to bank on the new energy vehicles (NEVs). So, whether that is strong hybrid, plug-in hybrid, or battery electric vehicles, these will be the cornerstone of MG going forward,” Jindal said, adding, “The traditional ICE (internal combustion engine), as we call it, without even a mild hybrid option, is something that we want to do away with. We are not very keen on bringing that into the country.”

Jindal said, “For certain models if the technology has not developed, we may take those calls. It is not that MG will never bring it (ICE), but as much as we can avoid it, we would like to avoid (it).”

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.