JSW MG Motor India Expands EV

JSW MG Motor India, a joint venture between India's JSW Group and China's SAIC Motor, plans to invest up to $440 million to expand its manufacturing plant in India. The investment aims to increase annual production capacity from 120,000 units to 300,000 units and will focus heavily on launching new hybrid and electric vehicle models. This strategic shift towards New Energy Vehicles (NEVs) is intended to capture a dominant share of India's rapidly growing EV market, which is projected to reach 30% of total car sales by 2030. The company also plans to increase local sourcing of components to reduce costs and foreign exchange exposure. This expansion comes despite JSW MG Motor India facing financial losses and navigating investment curbs imposed by India on Chinese entities since 2020, which previously limited SAIC Motor's independent growth in the country. Anurag Mehrotra, Managing Director of JSW MG Motor India, confirmed that the initial phase of funding would come from internal accruals, with debt and equity options considered for future stages.