JSW Group Looking to Venture into EV Space via Chinese Partherships

JSW Group is actively pursuing ambitious plans to establish itself in the electric vehicle (EV) market under its own brand, engaging in discussions with major industry players, including Chinese giants Geely and BYD. These talks aim to explore potential collaborations, which may involve licensing agreements or technology transfers, as the conglomerate seeks to create a comprehensive mobility company. This initiative will complement JSW's existing joint venture with China's SAIC Motor, although the two entities—JSW MG Motor India and the newly proposed JSW Green Mobility—will operate independently.

With "high ambitions in the EV space," JSW has identified platforms for both electric cars and commercial vehicles as part of its strategy to enter the EV market. These plans are expected to take more concrete form by 2025, according to sources familiar with the matter. The group's discussions with established Chinese players underline its intent to leverage proven technologies and expertise in a rapidly evolving sector.

Geely, which owns Volvo Cars and partially owns Lotus Cars, already has an indirect presence in India through these brands. Meanwhile, BYD has established a direct foothold in the country’s burgeoning EV market. India’s EV sector, led by electric two- and three-wheelers, is poised to close 2024 with nearly 2 million units sold, highlighting its rapid growth and immense potential.

JSW's entry into the EV space represents a significant diversification of its portfolio, spanning industries from steel to paints. The group’s focus on green mobility aligns with global trends and India’s increasing emphasis on sustainable transportation solutions. By collaborating with established players and leveraging existing synergies within its ventures, JSW aims to become a key player in India’s emerging EV landscape.