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JSW Group is gearing up for a substantial investment of $5 billion in electric vehicle (EV) projects, strategically focusing on the coastal state of Odisha in eastern India. This bold move positions JSW to compete with local and international players in India's rapidly expanding EV market. Despite electric models comprising just 2% of India's car sales last year, with Tata Motors taking the lead, the government is ambitiously eyeing a 30% market share by 2023.
In the initial two phases of this investment venture, JSW Group plans to channel 250 billion rupees into the establishment of an EV battery manufacturing plant and an EV components plant, as revealed in a statement issued on Monday. The conglomerate further outlines its commitment by earmarking 150 billion rupees for a third-phase investment in setting up an EV components manufacturing complex. Building on their dedication to sustainable practices, JSW Group and China's SAIC Motor formed a joint venture in India in November, focusing on green mobility and the holistic development of the electric vehicle ecosystem.
While India contemplates a pivotal decision on potentially reducing import taxes on EVs, a move aimed at incentivising carmakers committed to local manufacturing, industry watchers suggest that such a policy shift could facilitate Tesla's entry into the market, as communicated by a high-ranking government official to Reuters. However, major players like Tata, Mahindra & Mahindra, and Hyundai Motor have voiced their stance, urging New Delhi to maintain the current policy and resist any reduction in taxes on hybrids, according to sources cited by Reuters earlier this month.
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