JSW, MG Motor JV Sets Target Of 1 Million EVs Sales For India By 2030 By Chitrika Grover/ Updated On Wed, Mar 20th, 2024 Highlights : The joint venture, according to the two businesses, intends to enter the luxury passenger vehicle market as it introduces the Cyberster EV, a sports car. MatchLog Solutions Raises $1.5 Million For Sustainability Mumbai-based steel producer JSW announced its collaboration with MG Motor a luxury SUV cars provider in India through a joint venture. This collaboration between MG Motor and JSW Group aims to sell one million electric vehicles in India by 2030 and capture a third of the market. The joint venture, according to the two businesses, intends to enter the luxury passenger vehicle market as it introduces the “Cyberster EV,” a sports car. At a press conference for the unveiling, MG Motor India’s managing director, Rajeev Chaba, stated that the two companies would contribute a combined 50 billion rupees ($602 million) to the joint venture. The chairman of JSW Group, Sajjan Jindal, expressed his expectation that the partnership will revolutionize the EV industry in India in a manner akin to how Maruti Suzuki opened a new chapter in the automobile industry forty years ago by introducing “very efficient, very lightweight cars.” JSW Receives LoA For 500 MW Wind Project From SECI Also Read The last week saw a change in the Indian landscape when New Delhi reduced import levies on select electric vehicles (EVs) for automakers that agreed to invest a minimum of $500 million and begin local production within three years. Analysts noted that although the regulation change is a major victory for Tesla, it may only have a minor effect on sales for Indian players that produce more expensive cars. About 2% of all cars sold in India in 2023 were electric vehicles (EVs); by 2030, the government wants that percentage to reach 30%. The two electric vehicles that MG Motor, which is owned by SAIC Motor of China, offers in India are the SUV-like ZS EV and the compact Comet EV. JSW Receives LoA For 700 MW ISTS Solar Capacity From SECI Also Read Tags: Cyberster EV, Electric Vehicles, JSW, MG Motor, Sajjan Jindal