Announcing its entry into the automotive industry, JSW Group has set itself a target of selling 1 million new energy vehicles (EVs and PHEVs) by 2030 along with its joint venture partner MG Motor India.
In his first address to the media about its automotive venture - Parth Jindal, a scion of JSW Group said the company is eyeing 33% of the new energy vehicle market by the end of the decade.
"We are very convinced that with the support of the government of India, EVs will follow a similar transition as seen in China. India is an oil importing country and the high current account deficit is due to oil imports. For India to become truly atmanirbhar (self-reliant) - electric vehicles are a way to go," added Parth.
The scion of JSW explained that the number of passenger vehicles sold in India in the year 2023 was very similar to China’s sales in 2005. That number in 2023, China sold 25 million passenger vehicles, and out of those 25 million passenger vehicles, 32% were new energy vehicle products or EVs i.e. 8 million passenger electric vehicles were sold in China last year.
“In India, less than 2% or only 80,000 electric vehicles were sold in the year 2023. Over the next 10 years, we are very sure that India is going to move from a 4 million passenger vehicle market to a 10 million passenger vehicle market and we are very convinced that with all the support being provided by the government of India, that electric vehicles are going to follow the same adoption path that was followed in China,” said Parth.
He informed that it was his father Sajjan Jindal’s dream to build a car, and in MG Motor India they have a very strong partner to execute this dream.
“It is our aim to have 33% of the market of the new energy vehicle segment by the year 2030 and that means that we want to sell 1 million passenger vehicles only electric in the year 2030 apart from all the other products that we will sell. So we are very excited. Rajiv, thank you for selecting JSW and we can't wait to get going,” signed off Parth.
(With inputs from Manobhava Baruah)