JSW MG Motor India will invest Rs 5,000 crore to enhance production capacity and launch one new car every 3-6 months starting September
The joint venture aims to sell one million units of passenger electric vehicles in India by 2030 when the total market is expected to be 10 million units annually.
The newly formed company, a joint venture between China's SAIC and Indian conglomerate JSW Group will also seek to create a "Maruti moment" in the new energy vehicle segment, JSW Group Chairman Sajjan Jindal said
"We have announced today that we are going to have our second plant in Gujarat near our existing unit at Halol itself," MG Motor India Chairman Emeritus Rajeev Chaba told.
The company's production capacity will go from over 1 lakh per year to over 3 lakh a year
The total investment from all stakeholders in this space is going to be over Rs 5,000 crore on capacity enhancement and new product introductions
We are going to churn the whole industry a lot and we will create some sort of disruption in the industry. Our idea is that we will bring one new car every 3-4 months, six months down the line
JSW MG Motor India is seeking to be the market leader in the new energy vehicle (NEV) segment in India, targeting sales of 10 lakh units annually by 2030.
MG Motor is a British brand owned by Shanghai-headquartered SAIC Motor.