- India’s steel giant JSW Group plans to enter the electric vehicle (EV) market under its brand, reported The Financial Times
- JSW plans to establish its EV production facility in Maharashtra’s Aurangabad, specifically for its in-house brand.
India’s steel giant JSW Group plans to enter the electric vehicle (EV) market under its brand, reported The Financial Times. In an interview, Chairman Sajjan Jindal signalled JSW’s aim to establish itself as a key player in India’s growing EV industry.
This move follows JSW’s earlier announcement of a $1.5 billion joint venture (JV) with SAIC Motor, the Chinese automaker behind the MG brand, to produce and sell MG EVs in India.
JSW plans to establish its EV production facility in Maharashtra’s Aurangabad, specifically for its in-house brand. The Aurangabad Industrial City (AURIC) confirmed the company’s investment of Rs 27,200 crore ($3.2 billion), expected to create over 5,200 jobs and manufacture both passenger and commercial EVs, the report said.
While battery-powered two-wheelers have gained immense popularity in India, adoption of full-size EVs remains slow. EVs currently account for just 2 per cent of passenger car sales, translating to around 100,000 units annually, according to S&P Global Mobility, as reported by The Financial Times.
Comparatively, generous subsidies and incentives in China have driven mass EV adoption. China has the largest EV industry in the world, accounting for about 58 per cent of global production, according to a report by Al Jazeera. Elon Musk-led Tesla continues to lead the EV market in the United States.
However, rising interest among affluent Indian buyers is boosting demand. For instance, MG Motor India’s Windsor crossover EV, priced at Rs 13.5 lakh, was fully booked for the next few months following its September launch, despite capacity constraints at its Gujarat plant limiting sales to 50,000 units.
Other car manufacturers who have already entered the EV market in India include industry majors Tata Motors, Mahindra & Mahindra, and newcomers like Ola Electric. Other players include two-wheeler market leader Hero Electric and Ashok Leyland, focus on electric buses under the Switch Mobility brand.