February 26, 2024

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JSW Group and SAIC Motor announce a joint venture focused on green mobility

JSW Group and SAIC Motor announce a joint venture focused on green mobility

As its new partner for innovation and green mobility, MG Motor India welcomes JSW Group. A new era begins!


 

An agreement has been reached between SAIC Motor and JSW Group for the establishment of a strategic joint venture. SAIC Motor is a Fortune 500 company with an annual revenue of around US$110 billion and a presence in over 100 countries. The JSW Group is one of India’s leading business conglomerates, with US$23 billion in revenues across diversified businesses.

The President of SAIC, Wang Xiaoqiu, and JSW Group’s Parth Jindal signed the Shareholder Agreement and Share Purchase & Share Subscription agreement at MG UK Headquarters in London. The purpose of the agreement is to accelerate the growth and transformation of MG Motor in India. By combining their resources in the field of automobiles and new technology, SAIC Motor and JSW Group will create strategic synergies. The joint venture will undertake various new initiatives, including boosting local sourcing, improving charging infrastructure, expanding production capacity, and introducing a broader range of vehicles with a focus on green mobility.

By the mutually agreed terms, JSW Group is set to hold a 35% stake in the Indian joint venture operations. SAIC is committed to providing continued support to the joint venture through cutting-edge technology and products, aimed at delivering exceptional mobility solutions with an unwavering focus on the Indian consumer.

Wang Xiaoqiu, President of SAIC Motor, stated that the automobile industry is a global one, and access and collaboration are vital for its healthy growth. SAIC always follows the ‘win-win cooperation’ approach, continuously improving its core capabilities, and expanding its production and sales. Together with its partner, SAIC will work closely in the growing Indian automotive market to create innovative, greener, and smarter mobility products and services for their consumers. They will seize market opportunities, expand their brand influence, and increase the market share of their products to achieve greater success for MG in India.

JSW Group’s Parth Jindal has announced a strategic collaboration with SAIC Motor to transform and grow MG Motor operations in India with a focus on green mobility solutions. The joint venture will bring a suite of world-class technology-enabled automobile products, including the new generation of intelligent connected NEVs and ICE vehicles, paving the way for the EV ecosystem’s development and taking a leadership position in this space. Furthermore, the joint venture’s focus on broader localization initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer.

 

Parth Jindal expressed deep gratitude to SAIC and MG Motor for choosing JSW as their partners of choice and looks forward to building one of India’s largest automobile companies together. The success of the MG brand in India is well-known, and the objective of the joint venture is to take this brand and company forward alongside a strong global partner in SAIC. 

SAIC Motor and JSW Group have teamed up in a joint venture to optimize SAIC Motor’s automotive expertise for the MG brand’s globalization, digitalization, rejuvenation, and young attitude. With JSW Group’s strong presence in both B2B and B2C sectors of the Indian economy, the partnership will help to enhance local sourcing and establish a reliable supply chain. SAIC and JSW Group are committed to creating a smart and sustainable automotive ecosystem in India, with a shared vision of Carbon Neutrality, Sustainability, and Green Mobility for NEVs and ICEs at the forefront. The goal of the joint venture is to succeed in the Indian market and achieve sustainable growth, which both partners are committed to continuing.

 

 

This is what SAIC Motor is all about: 

SAIC Motor is a global Fortune 500 company that operates in over 100 countries worldwide. As a significant player in the automotive industry, SAIC Motor is committed to leading development trends, driving innovation, and transforming mobility services. The company intends to accelerate its business transformation and become a world-class automaker with international competitiveness and a strong brand presence. SAIC Motor engages in the research and development, production, and sale of passenger and commercial vehicles. It promotes the commercialization of new energy vehicles and connected cars, and it is also exploring the research and industrialization of intelligent technologies like autonomous driving.

 

 

Here’s what MG Motor India is all about: 

MG Motor India has experienced a remarkable 25% yearly growth rate in the country since its inception in 2019. The company has invested INR 7,000 crore and sold nearly 200,000 vehicles in India. MG Motor India boasts a strong portfolio of five segment-defining products, including its most popular SUV, the MG Hector. Aside from this, MG Motor India was one of the first brands to establish a robust EV infrastructure in India with the ZS EV and Comet models.

 

 

 

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