JSW Group's big move: Will transform India's automobile sector with indigenous EV technology
JSW Group plans to set up R&D centers to indigenize electric vehicle technology in India. EV sales to reach 1.66 million units in FY 2023-24 with 41% growth. JSW aims to make EVs as affordable as fuel vehicles and target the middle class.
INDC Network : Business : EV technology will be made only in India: JSW's R&D plan
JSW Group has decided to take a big step into the Indian Electric Vehicle (EV) market. Group Chairman Sajjan Jindal announced that a Research and Development (R&D) and Design Center will be set up in India to fully indigenize electric vehicle technology.
Key points:
- Emphasis on local production: Jindal says EV technology will be developed locally.
- Dependence on Chinese technology will be reduced: Right now JSW MG Motor is getting technical help from China.
- Aiming to target the middle class: The aim is to bring EV prices at par with fuel vehicles.
The EV market is growing fast
In FY 2023-24, EV sales in India have witnessed a tremendous surge. 1.66 million units were sold, which is 41% more than last year.
| year | EV Sales (Million Units) | Growth percentage |
|---|---|---|
| 2022-23 | 1.17 | - |
| 2023-24 | 1.66 | 41% |
Key Players:
- Tata Motors: The leader in the passenger EV segment.
- Global Brands: Brands like MG Motor, BYD, Hyundai are focusing on premium offerings.
JSW Group's expansion into the EV market
JSW MG Motor India has made its presence felt in the electric vehicle space. The company plans to increase its EV market share in the coming years by targeting the middle class income group.
Goals for the next three years:
According to Sajjan Jindal, "If MG can achieve 5-7% market share in the next three years, it will be a big achievement."
| Scheme of JSW Group | Description |
|---|---|
| Indigenous EV Technology | Local R&D and Design Center |
| Price of EV | equivalent to fuel vehicles |
| Market share (3 years) | 5-7% |
India's EV Craze: Preparing for the Future
The Indian EV market is growing steadily. Major companies are investing heavily in technology and design. JSW Group's indigenous technology plan can make a big difference in this growing competition.
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