JSW Group to revolutionise Indian EV market with affordable, high-quality electric vehicles

The JSW Group, led by Sajjan Jindal, is embarking on a significant initiative in the electric vehicle (EV) sector, with plans to invest around ₹40,000 cr in projects in Odisha. Their goal is to bring about a revolution in the automotive industry by manufacturing high-quality batteries and electric vehicles that are not only affordable but also technologically advanced.

The group aims to produce electric cars and commercial vehicles at prices comparable to traditional combustion engine vehicles, making them more accessible in the price-sensitive Indian market. Currently, there's a substantial price difference of almost 30% between EVs and internal combustion engine (ICE) vehicles.

To achieve this goal, Sajjan Jindal outlines three key strategies:

1. Developing the right battery technology at a reasonable price to bring down the overall cost of electric vehicles.

2. Decoupling the supply chain from China to reduce dependence and ensure a more resilient manufacturing process.

3. Conducting high-end research with a focus on producing electric vehicles specifically designed for the Indian market, aiming to enhance their adoption and redefine commuting and energy consumption patterns.

Jindal emphasises the urgency of addressing greenhouse gas emissions and the need for affordable solutions. He also highlights the economic benefits of reducing India's significant crude oil import bill, which stands at around $100 bn and is expected to rise with economic growth.

Drawing a parallel with Tesla's success in the United States, Jindal underscores the importance of government support in fostering innovation and growth in the EV sector. He expresses his vision for certain states in India, like Odisha, to become trillion-dollar economies as the nation progresses towards a $10 trillion GDP. JSW Group has already invested approximately ₹35,000 cr, with another ₹1,25,000 cr in the pipeline, in addition to the ₹40,000 cr earmarked for the EV project.

The group aligns with the Odisha state government's vision of promoting sustainable mobility and energy storage, contributing to the "Make in Odisha for the World" initiative. Jindal emphasises the potential of Odisha to lead the way in this regard, given its conducive environment for industrial growth and development.