JSW and SAIC discuss capital infusion to scale MG capacity

MUMBAI: JSW Group and China’s SAIC are discussing additional capital for MG Motor India to eventually scale the company’s Halol plant capacity to 1 million vehicles annually from the current 220,000. The JV, owned 35% by JSW and 49% by SAIC, is currently deploying Rs 3,500 crore in localisation and new products and is expected to become profitable in CY27.Ahead of the JSW-badged EV launch around Diwali, JSW MG Motor India has launched the Hector Tomahawk as an EV and plug-in hybrid electric vehicle (PHEV), with the PHEV positioned as India’s first in its segment. The seven-seat Tomahawk PHEV offers a combined range of over 1,100 km at Rs 21.8 lakh plus Rs 3.20/km under BaaS (battery as a service). The Tomahawk EV, available in five and seven seats, offers a claimed 517-km range at Rs 14 lakh plus Rs 4.90/km. Full-ownership prices are Rs 25.7 lakh for the PHEV and Rs 19.49 lakh for the EV.“With this launch we should be coming close if not overtaking the market leader in new energy vehicles,” said Parth Jindal, director, JSW MG MotorTomahawk, the first MG SUV on the multi-powertrain ADAPT platform, will anchor the C-SUV strategy for seven-eight years, while Windsor anchors SUV-B. Both models are targeted to reach 70% localisation by 2027, with localisation rising 2-3 percentage points monthly. Jindal said the platform can support EREV (extended-range electric vehicle) technology, which uses an onboard generator to produce electricity, and expects it to gain traction in India following China and Europe.Jindal declined to say whether the additional funding by shareholders in MG Motor would alter the shareholders’ stakes.MG Select – the company’s luxury channel - will add another luxury EV by end-2026 and remain focused on niche new-energy sedans, SUVs, coupes and MPVs. JSW is seeking an lithium iron phosphate (LFP) cell-technology partner, keeping its proposed cell plant on hold, although its cell-to-pack facilities are already commissioned.Seeking lower GST for PHEVs, Jindal cited China and Europe, where plug-in hybrids receive more favourable treatment. He called for the Govt to distinguish PHEVs from ICE vehicles in the tax structure.Get the latest Business News and Live updates. Download the TOI app.