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SAIC Motor, a Fortune 500 company with a global presence in over 100 countries, today said it has partnered with Indian conglomerate JSW Group.
According to a press release, the partnership will help MG Motor grow and change in India by using SAIC's wide-ranging experience in the car industry and JSW's varied business knowledge.
Key details of the partnership
Under this joint venture, JSW Group will hold a 35% stake in the Indian operations. The focus will be on enhancing local sourcing, expanding production capacity, and introducing a range of vehicles centred on green mobility.
What is the aim of the partnership?
Both companies aim to create a sustainable automotive ecosystem in India, emphasizing Carbon Neutrality and Green Mobility. The joint venture will utilize SAIC's technical expertise and MG's brand values, along with JSW's extensive Indian market presence, to develop new energy vehicles (NEVs) and internal combustion engine (ICE) vehicles.
What does the leadership say about the partnership?
"In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India," said Wang Xiaoqiu, President of SAIC Motor.
"The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles. The JV’s focus on broader localisation initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer," said JSW Group’s Parth Jindal.
Parth also said that the joint venture will pursue the development of the EV ecosystem.
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