TL;DR
JSW MG Motor India plans to invest up to $440 million to expand manufacturing and launch six new vehicles, with a strong focus on electric and hybrid models for the Indian market.
JSW MG Motor India has announced plans for a significant investment ranging from 30 billion to 40 billion rupees ($330 million to $440 million) to expand its manufacturing capacity and introduce a new lineup of vehicles. This strategic move emphasizes a strong shift towards electric and hybrid models, reflecting the company's commitment to New Energy Vehicles (NEVs) in the Indian market.
Managing Director Anurag Mehrotra confirmed that a plug-in hybrid vehicle is slated for launch this year, forming a crucial part of the six new vehicles in the pipeline for India. The investment aims to boost the plant's production capacity from approximately 120,000 units to 300,000 units annually. JSW MG Motor anticipates NEVs to comprise at least 75% of its product mix and projects that NEVs could account for 30% of India's total annual car sales by 2030. The company is also focusing on increasing local sourcing of components to reduce costs and minimize reliance on imports.
