JSW MG to launch 5 cars in next 12 months

5 Cars Models in India: Hector, Gloster, Astor, Comet, and ZS

Gurugram- JSW MG Motor India Pvt Ltd., a motor vehicle manufacturer plans to launch five new cars in the next 12 months while increasing its production capacity from 100,000 units to 300,000 units per year, as stated by CEO Emeritus Rajeev Chaba.

The first of these cars, a "crossover utility vehicle," is set to launch in September or October. Currently, MG offers five models in India, Hector, Gloster, Astor, Comet, and ZS. The first three are powered by internal combustion engines, while the last two are electric vehicles.

Chaba mentioned that around 120,000 electric cars are expected to be sold in India in 2024, marking a year-on-year (Y-o-Y) growth of about 30 percent. He noted that this growth rate is lower than in 2023, when electric car sales surged by approximately 90 percent.

In March this year, the Sajjan Jindal-owned JSW Group acquired a 35 per cent shareholding in the car company. Financial institutions acquired an 8% shareholding, 5% was allotted to employees, and 3% was given to its dealers. Therefore, the shareholding of its Chinese parent SAIC in the Indian unit has reduced to 49%.

"Joint Venture was declared in March. We should expand fast. As we speak, the second plant is being set up in Halol. Our total capacity will increase from 100,000 units per annum to 300,000 units per annum. When you have such a capacity, you need to have products to fill the plant".

“One of the biggest priorities of the joint venture is to get approval of the new products. I am happy to announce that we have got five of our new products approved that will be launched in the next one year. Out of this, two would be premium products and three would be mainstream products,” he added.

In March, JSW Group announced a $5 billion investment by 2030 in a joint venture focused on selling 1 million new energy vehicles (NEVs), including electric and hybrid cars. The first product, a crossover set for launch in September or October, combines sedan comfort with SUV utility and features spacious interiors.

Regarding taxation, Chaba suggested a rethink based on environmental friendliness, impact on fuel imports, supply chain localization, and total cost of ownership rather than traditional metrics like engine size or car length. He added adapting tax benefits to technologies like CNG or hybrids that excel in these areas.