JSW Group Eyes More EV Partnerships, In Talks with Geely

31 Dec 2024 CW Team

JSW Group, the diversified steel-to-paints conglomerate, is in talks with several major automakers to expand its presence in the Indian electric vehicle (EV) market. Among the original equipment manufacturers (OEMs) JSW is negotiating with is Chinese auto giant Geely. The company is reportedly keen to launch multiple EV lineups, spanning both passenger and commercial vehicles.

JSW’s pursuit of additional partnerships stems from its aggressive strategy in the automotive sector. The joint venture with SAIC, forming JSW MG Motor India in 2023, is not exclusive, allowing JSW to seek new partnerships in various vehicle segments. The fact that SAIC did not offer JSW a majority stake in MG could be a factor in the company's decision to explore other opportunities.

Currently, JSW holds a 35% stake in MG Motor, while Everstone Capital owns 8%, and the remaining 49% is held by SAIC.

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