JSW Eyes Expansion in EV Manufacturing, Considering Collaboration with Chinese Giants Geely & BYD

02 Jan 2025

JSW Group is exploring the possibility of entering the electric cars and e-truck market under its own brand in collaboration with major Chinese companies like Geely and BYD. According to reports, the paint-to-steel conglomerate is in discussions with potential Chinese partners about technology transfer or licensing agreements to establish a full-fledged mobility company. The group is expected to unveil its finalised plans, including the details of the partnership and the market segments it will target, in 2025.

The business initiative will be rolled out across two platforms: one for electric cars and another for commercial vehicles. This initiative is expected to be a key component of the group's upcoming division, JSW Green Mobility, which is set to be launched in 2023.

JSW's Key Steps to Accelerate EV Manufacturing

If the group finalises its partnership with the Chinese giant, it will mark another significant step for the paint-to-steel conglomerate in expanding its green transportation portfolio. The group already has a $1.5 billion joint venture with China's SAIC Motor to manufacture and sell MG electric vehicles, with a strong focus on the 'Make in India' initiative.

Sajjan Jindal, Chairman of JSW Group, stated in an interview, "Our idea is not to act as an outpost for any Chinese company to sell products in India. Instead, we aim to manufacture, add value, and sell products within India."

Earlier in October this year, JSW Green Mobility secured 636 acres of land in the Bidkin area of Aurangabad Industrial City (AURIC), located within the Maharashtra Industrial Township, for the manufacturing of electric cars. The company is set to invest Rs 27,200 crore and generate approximately 20,000 employment opportunities.

JSW's swift expansion in the EV market is likely to face strong competition from established players such as Tata Motors, Mahindra, and Hyundai. Tata Motors, the current leader in the Indian passenger EV market, is actively working and also taking big steps to maintain its market position. Despite a slowdown in sales in the overall EV market, Tata Motors recorded a growth of 48% in FY24 compared to FY23.