SAIC Motors and JSW announce Joint Venture to accelerate MG Motors footprint in India
SAIC Motor, China's largest manufacturer, signed a Joint Venture (JV) deal with the JSW Group on Thursday, which would aid MG Motor in India with much-needed resources and expansion funds. According to the deal, JSW will own 35 percent of the Indian JV activities. SAIC will continue to provide technology and products to the joint venture in order to bring mobility solutions to the Indian customer.
The relationship was established in the MG Office in London by SAIC Motor, a worldwide Fortune 500 firm, and the JSW Group, an Indian conglomerate with diverse enterprises. The JV, led by SAIC Motor President Wang Xiaoqiu and JSW Group's Parth Jindal, intends to accelerate MG Motor's transformation and development in India.
This strategic alliance aims to capitalize on both entities' strengths and resources in the automotive and technological sectors to pioneer initiatives promoting local sourcing enhancement, infrastructure development for electric vehicle (EV) charging, production capacity expansion, and the introduction of a broader range of vehicles with a strong emphasis on eco-friendly mobility.
SAIC Motor's substantial automotive experience and technological skills will be leveraged in this JV. It will also use JSW Group's substantial footprint in the Indian economy's B2B and B2C sectors to supplement local sourcing and develop a stable supply chain.
SAIC and JSW Group will collaborate to build a smart and sustainable automotive ecosystem in India by accelerating the development of NEVs and ICEs with Carbon Neutrality, Sustainability, and Green Mobility at the forefront of their shared vision. Both JV partners are committed to remaining involved in the Indian market in order to achieve long-term success.
According to Wang Xiaoqiu, President of SAIC Motor, "The automobile business is a global industry, and like in any other similar industry, access and collaboration are crucial for its healthy growth. SAIC has always adhered to the 'win-win cooperation' approach while steadily improving our core capabilities and expanding our scale of production and sales. In the growing Indian automotive market, both partners shall work closely to bring in the best of innovation, in creating greener and smarter mobility products and services for our consumers, seizing market opportunities, continuously expanding the brand influence and market share of our products, and achieving greater success for MG in India."
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