Get Instant Loan up to ₹10 Lakh!
JSW MG Motor India, a leading player in the country's burgeoning electric vehicle (EV) market, anticipates that 65-75% of its future sales will come from new energy vehicles, including EVs and hybrids. The company is doubling down on its ambition to establish itself as a “new energy vehicle first” automaker, even as it continues to cater to the internal combustion engine (ICE) segment to address broader market demands.
Speaking to Mint, Parth Jindal, director, JSW MG Motor India and Rajeev Chaba, CEO Emeritus said that the company’s EV penetration currently stands at an impressive 70% of monthly sales, a figure they aim to sustain as volumes expand.
“We are a new energy vehicle-first company,” Jindal said. “Our vision is to maintain the proportion of new energy vehicles in the range of 65% to 75% as our overall sales increase. While we will continue launching ICE vehicles, our primary focus is on the EV, hybrid and plug-in hybrid segment.”
₹ 1.47 - 1.77 Lakhs
Offers Expiring soon
₹ 1.3 - 1.44 Lakhs
Offers Expiring soon
₹ 1.45 - 1.5 Lakhs
Offers Expiring soon
₹ 54,999 - 74,999
Offers Expiring soon
₹ 1.12 - 1.49 Lakhs
Offers Expiring soon
₹ 1.4 Lakhs
Offers Expiring soon
“We believe we have the best technology when it comes to new energy vehicles, and hence we can be in a leadership position in this segment… We think this year is going to be the year for EV growth in the country, and we won't be surprised if this year EV growth is at least 50% or 60% more than calendar year 2024. This year promises to be at least 50% higher than calendar year 2024 and we are very enthused with the numbers,” Jindal said.
The company unveiled the MG Cyberster and MG M9 under its luxury brand channel, MG Select on Friday at the Bharat Mobility Global Expo.
The executives pointed to India’s EV penetration, which stood at just 2.5% of India's passenger vehicle sales last year, as a significant growth opportunity. With the country aiming for 30% EV adoption by 2030, they see the sector rapidly gaining traction, driven by evolving battery technology, broader model availability, and increasing consumer education about total cost of ownership.
“Our initiatives, such as the battery-as-a-service (BaaS) model, are designed to educate customers about the lower running costs of EVs compared to ICE vehicles,” Chaba explained. “Over 50% of customers are now walking into our showrooms with our BaaS offering in mind which has helped us shift the conversation toward cost-effective ownership.” The Windsor EV, which MG Motor India launched with a Battery-as-a-service model, the first in the country, is already seeing 15% of its customers choose the innovative model.
Also read | JSW-MG Motor deal likely in two months
The BaaS model enables customers to purchase the vehicle separately from the battery, which is leased, reducing the upfront cost of EVs.
“The pie needs to grow, and we are excited to see multiple OEMs bringing new EV models into the Indian market,” Jindal told Mint, adding that he believes MG Motor India is unrivalled in India “when it comes to affordable luxury”.
While the focus remains on electrification, JSW MG also plans to introduce one new internal combustion-engine model this year.
Chaba also expressed confidence in the mainstreaming of EV-focused financing, which is currently in its nascent stages but gaining traction with major banks and non-banking financial companies (NBFCs) showing an encouraging response to the battery-as-a-service model.
The company unveiled the MG Cyberster and MG M9 under its luxury brand channel, MG Select on Friday at the Bharat Mobility Global Expo.
Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.