After MG Motor Deal, JSW Seeks New EV Partners, Including Geely: Report

According to a TOI report, JSW Group, the Indian conglomerate led by Sajjan Jindal, is actively pursuing partnerships with global automotive manufacturers to expand its presence in the electric vehicle (EV) sector. Following its joint venture with SAIC Motor's MG Motor India, JSW is reportedly in discussions with multiple original equipment manufacturers (OEMs), including China's Zhejiang Geely Holding Group, to establish new EV-focused collaborations. JSW MG Motor India did not provide a comment to Acko Drive at the time this article was published.

Also Read: MG Motor India, JSW Group Announce Partnership 

In March 2024, JSW Group and SAIC Motor finalised a strategic joint venture named JSW MG Motor India Pvt. Ltd. This collaboration aims to accelerate the growth of MG Motor in India, focusing on the production of both electric and internal combustion engine vehicles. The joint venture combines SAIC Motor's automotive expertise with JSW Group's manufacturing capabilities. The joint venture has ambitious goals, targeting the sale of one million electric vehicles in India by 2030, which would translate to capturing nearly a third of the domestic market. To achieve this, the company plans to introduce a diverse lineup of products, ranging from electric and hybrid vehicles to plug-in hybrids. The first model under the partnership, the MG Cyberster—a premium electric sports car—is expected to hit the market by March 2025, debuting under the newly introduced luxury brand, ‘MG Select.’

Also Read: India-Spec MG Cyberster Details Revealed Ahead Of Bharat Mobility Global Expo Debut

Currently, the JSW Group holds a 35 per cent stake in JSW MG Motor India, a joint venture formed in 2023 with SAIC Motor. SAIC retains the largest share at 49 per cent, while private equity fund Everstone Capital and MG dealers and employees own 8 per cent each. Reports have surfaced suggesting that JSW may increase its stake to 51 per cent ahead of a potential listing of JSW MG Motor India. However, the company has not confirmed these speculations. If realised, such a move could provide JSW with majority control over the joint venture.