SAIC Motor, a global automotive giant, and JSW Group, a prominent Indian conglomerate, have formalized a strategic joint venture, aiming to propel MG Motor’s growth in India. The partnership, announced at MG UK Headquarters in London, focuses on leveraging synergies to advance the transformation and adoption of green mobility solutions in the Indian automotive landscape.
SAIC Motor and JSW Group’s joint venture aims to create strategic synergies by combining their strengths in automobiles and new technology. The collaboration will explore initiatives such as enhancing local sourcing, improving charging infrastructure, expanding production capacity, and introducing a broader range of vehicles, with a primary emphasis on green mobility.
The Shareholder Agreement and Share Purchase & Share Subscription agreement were formally signed by SAIC President Wang Xiaoqiu and JSW Group’s Parth Jindal. Under the agreement, JSW Group will hold a 35% stake in the Indian joint venture operations.
The joint venture places a significant focus on advancing the electric vehicle (EV) ecosystem. SAIC Motor will contribute its global automotive experience and technical expertise to deliver innovative, technology-enabled, and environmentally conscious mobility solutions in collaboration with JSW Group.
Both SAIC Motor and JSW Group express their commitment to the Indian market, aiming for sustainable growth. The joint venture seeks to create a smart and sustainable automotive ecosystem in India by prioritizing carbon neutrality, sustainability, and green mobility.
“In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, creating greener and smarter mobility products. Achieving greater success for MG in India is our shared objective.”
“The joint venture paves the way for bringing world-class technology-enabled futuristic automobile products. The focus on broader localization initiatives will yield financially accretive synergies while providing the highest level of customer service to the Indian consumer.”
The SAIC Motor and JSW Group joint venture envisions a future-ready automotive landscape in India. By integrating global automotive expertise with a local stronghold, the collaboration seeks to play a pivotal role in the nation’s shift towards sustainable and green mobility.
