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JSW Group, Volkswagen in talks to set up EV joint venture

Wednesday, 21 Feb 2024
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The JSW Group has started talks with German car major Volkswagen AG to form a joint venture for electric vehicle (EV) manufacturing in India. The two groups may soon enter an exclusivity period for the purpose of supply of technology and components.

The JSW Group recently signed an agreement with the Odisha government for its Rs 40,000-crore electric-vehicle (EV) project in Odisha. The EV project is being set up by private entities of the Jindal family. The Odisha project consists of a 50 Gwh EV battery plant, EVs, a lithium refinery, a copper smelter and manufacturing related components. The project will manufacture both commercial vehicles and passenger cars.

The Group would also look at inviting financial investors for future projects. The Group has also signed a joint-venture (JV) agreement with MG Motor, a company owned by SAIC Motor Corp of China, to pick up a 35 percent stake to manufacture electric cars. Due diligence for the project is underway at MG Motors’ Halol facility in Gujarat.

Moreover, there will be separate JVs for cars, battery manufacturing and other components with the JSW Group, which intends to enhance EV penetration.
The group plans to bring the electric cars and internal combustion engine (ICE) vehicles at par, and the cars would be priced at around Rs 20 lakh.

 

 
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