JSW Group, led by Sajjan Jindal, is gearing up to enter India competitive EV market by introducing an EV priced between 15 to 20 lakhs
Singapore-based market analyst Canalys has reported a significant surge in electric vehicle (EV) sales in India during H1CY23, with a 137 percent increase to 48,000 units compared to H1CY22.
The Indian EV market, currently occupying 2.4 percent of the total automobile market, presents an attractive opportunity for JSW's entry. JSW Group had previously considered entering the EV segment in 2017 but shelved the plan due to shareholder objections.
Additionally, the company is in discussions with MG Motor to potentially acquire a stake in the Chinese firm.
Tata Motors has been a major player in the Indian EV market, capturing a 72 percent market share during H1 2023. They have successfully launched models like Tiago, Nexon, and Tigor, and have plans to introduce four more EVs by 2024.
JSW's new EV will compete directly with Tata's Nexon EV and Mahindra's XUV400.
MG Motor is the second-largest player in the Indian EV market, with a 10.8 percent market share. They plan to invest heavily in expanding their EV production capacity, including a new factory and battery assembly unit. Their MG ZS EV and MG Comet EV are currently available in the market.
Other international players like Hyundai, Volkswagen, and Tesla are also eyeing expansion in India's growing EV market.
Hyundai plans to invest significantly in building an electric vehicle ecosystem, including manufacturing batteries and introducing new electric models.
Volkswagen intends to electrify 30 percent of its passenger vehicle lineup in India by the end of the decade, with the launch of the ID.4 electric car on the horizon.
Tesla has shown interest in the Indian market, exploring local sourcing, manufacturing incentives, and setting up a factory for EV batteries. They are looking to diversify their supply chain beyond China.
JSW Group is set to join this dynamic market, and the competition is intensifying as various companies invest heavily in EV production and infrastructure