JSW MG Motor is planning an investment of 30 billion to 40 billion rupees ($330 million to $440 million) to expand its manufacturing capacity and introduce new vehicles, with a focus on electric and hybrid models, Reuters reported on Monday.
Managing Director Anurag Mehrotra told Reuters the funding would be drawn from a mix of sources — including internal accruals, which he said are sufficient to cover this year's requirements — with debt and equity as options for later stages.
The company's plant capacity is targeted to grow from around 120,000 units a year to 300,000 units, alongside the launch of three to four new models this year.
Reuters notes the company has yet to turn a profit. Losses doubled to $121 million in the financial year ended March 31, 2025. At that time, the company held around $60 million in cash against $344 million in borrowings. Sales, however, have been rising — the company sold 70,500 cars in calendar year 2025, up from 61,000 the previous year, with growth driven by its Windsor electric vehicle.
Mehrotra told Reuters that new energy vehicles (NEVs) — the company's term for hybrids and EVs — would account for no less than 75% of its product mix. He projected NEVs could represent 30% of India's total annual car sales of up to 6 million units by 2030, compared to around 5% of the country's current 4 million annual sales.
Reuters also reports the company plans to increase local sourcing of components to reduce costs, lower foreign exchange exposure, and cut dependence on sea freight, which Mehrotra described as one of the company's key paths to profitability.
Reuters notes that India's investment restrictions on Chinese companies — introduced in 2020 — have constrained the growth of players like SAIC and BYD in the market. Mehrotra said conditions have improved, pointing to easier visa processes and more flight connectivity between the two countries, but added that risk remains. "It is better than a couple of years ago but the risk is still there," he told Reuters.