JSW Group Planning to Launch Its Own EV Brand, May Partner With Chinese EV Company

JSW Group, involved in business ranging from steel to energy, plans to launch its own brand for Electric Vehicles (EV). JSW Group has negotiated licensing agreements or transfer of technology with some Chinese EV companies. It plans to build a full EV company with electric cars and electric trucks.

JSW Group holds about 35 percent stake in MG Motor in the country. This stake was taken from China’s SAIC, which owns MG Motor. a media Report JSW Group, quoting sources with knowledge of the group’s plans, has said that it is in talks with big EV companies in China. These include Geely and BYD. Geely owns Volvo Cars and also has a stake in Lotus Cars.

BYD already sells its EVs in the country. Electric two-wheelers and three-wheelers have a major share in the EV market in India. This year this market can reach approximately 20 lakh units. JSW Group company JSW Green Mobility plans to set up a factory to manufacture electric and hybrid cars in Chhatrapati Sambhajinagar, Maharashtra. Investment of more than Rs 27,000 crore can be made in this factory.

Vietnam’s electric vehicle company Vinfast can also start business in India soon. It can showcase its first EV for the country’s market at the Bharat Mobility Global Expo to be held in January. Vinfast’s portfolio includes models like VF e34 and Vf7 SUV. Earlier, testing of some models of the company was seen. It may launch its business in the second half of next year. It will be the second fully EV company to enter the country’s market after China’s BYD. Vinfast’s first product could be VF e34. It will compete with the upcoming eVitara from the country’s largest car maker Maruti Suzuki and Hyundai’s Creta Electric. VF e34 is being sold in the international market. The 41.9 kWh battery pack of this EV gives a range of more than 310 kilometers.