JSW Group's Massive 400 Billion Rupee Bet Accelerates India's EV Ambitions

25 Jan 2024 CW Team

In a bold move to shape the future of electric mobility in India, JSW Group has announced a staggering 400 billion rupee ($4.81 billion) investment in electric vehicle (EV) manufacturing projects in Odisha. This significant endeavor marks JSW's determination to rival both domestic and international players in India's rapidly growing EV market.

Last year, electric models comprised a mere 2% of India's car sales, with Tata Motors dominating the landscape. However, with the government aiming for a 30% share in EV sales by 2023, JSW Group's substantial investment is a strategic leap towards achieving this ambitious target.

The conglomerate's plan unfolds in three phases. In the initial two phases, JSW Group will inject 250 billion rupees into establishing an EV battery manufacturing plant and an EV components plant, as outlined in a statement released on Monday. The third phase will see an additional investment of 150 billion rupees to set up a comprehensive EV components manufacturing complex.

In November, JSW Group and China's SAIC Motor joined forces to create a joint venture in India, emphasizing their commitment to green mobility and the development of a robust electric vehicle ecosystem.

Despite India's thriving EV market, uncertainties loom over the potential reduction of import taxes on EVs. A top government official revealed to Reuters that the government is still deliberating whether to cut import taxes, a decision that could impact Tesla's entry into the Indian market.

In a noteworthy development, Tata, Mahindra & Mahindra, and Hyundai Motor have urged the Indian government to maintain the current policy, discouraging any reduction in taxes on hybrids. This stance underscores the complexity and diversity of opinions within the industry, even as JSW Group makes a colossal bet on India's electric future.

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