Sub-10 Lakh Electric Car From JSW MG Motor Coming Soon: Parth Jindal
The Indian conglomerate JSW Group, with its JSW MG Motor India, currently stands as one of the biggest electric vehicle sellers in India after the launch of the Windsor EV and Pro models. Now, to continue this success in the coming years, the company is planning to launch a brand-new sub-Rs 10 lakh electric vehicle. This new model aims to target the affordable electric vehicle market, which currently has very low competition. Additionally, another larger SUV is in the cars, which will be offered in electric, ICE, and hybrid versions.
JSW MG Motors plan to dominate sub-Rs 10 lakh EV segment
During a recent interview, Parth Jindal, Managing Director of JSW Cement and JSW Paints, recently highlighted the future plans of JSW MG Motor India. He highlighted that the company is currently developing an affordable compact electric vehicle, which will be priced in the range of Rs 10–12 lakh. As for the launch, it will be making its debut by the first half of 2027.
This smaller electric vehicle will most likely rival the likes of the Tata Motors Tiago.ev and Citroen eC3 in India. In addition to this affordable electric vehicle, the company is planning to launch another vehicle, which will be a much bigger SUV. What will be special about this SUV is that it will be offered with electric, ICE, and hybrid powertrains. More details on this SUV will be revealed later in the future.
JSW MG Motor to licence Chinese technology
Jindal also highlighted that the company has signed two major technology licensing agreements with global Chinese OEMs. The first is for passenger EVs, and the other is for commercial vehicles. It has been mentioned that there is no equity involvement and these deals are strictly licensing deals.
They will involve upfront fees and per-unit royalties. With this strategy, the company aims to completely localise production in India. JSW has stated that "China leads in affordable NEV (New Energy Vehicle) technology." So, with these deals, it wants to bring that know-how to India without relying on imports, as there are a lot of geopolitical tensions between India and China.
Currently, JSW is building dedicated factories in Chhatrapati Sambhajinagar. These factories will manufacture passenger EVs under the JSW badge and commercial vehicles under a different brand. Additionally, a major battery project is under serious consideration, stated the JSW head.
Another major point which was emphasized by Parth Jindal was that the company is aiming for 85 percent localization by mid-2026. The only exceptions will be rare-earth motors and battery cells. The target for localization till the end of 2025 is 67 percent. As for the percentage of localization at the time of Windsor's launch, it was around 27 percent.
JSW Group to increase its stake in MG joint venture with SAIC
For those who may not be aware, the JSW Group currently owns a 35 percent stake in the JSW MG Motor India JV. Apart from it, other Indian stakeholders include Indian financial institutions with an 8 percent share and MG dealers with 3 percent. Additionally, JSW MG employees also own 5 percent of the company.
As for the other major stakeholder, SAIC, which is China’s state-owned carmaker, still holds a 49% stake. However, the company has highlighted that it has no plans to infuse more capital into the brand in India. Recently, Parth Jindal expressed that JSW wants to become the single-largest shareholder in JSW MG Motor India.
For this, dilution of SAIC’s stake is expected, since JSW will fund the purchase through internal accruals. The JSW head stated that currently, the company is in talks about it, but their goal is clear: “We want to lead the company,” said Jindal.