SAIC Motor, the owner of MG Motor headquartered in China, and JCW Group of India have joined hands with the Shareholder Agreement and Share Purchase and Share Subscription agreement signed by the President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal at MG UK Headquarters in London.
According to this agreement, JCW Group will now hold 35 percent of the shares in the Indian joint venture operation, white SAIC Motor will continue to provide support with their expertise in the technology and product development. The key initiatives under this agreement includes expansion of production, localising, improving charging infrastructure and introducing a new range of Neighbourhood Electric Vehicles (NEV’s) and ICE vehicles under the MG Motor brand in India.
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.”
JSW Group’s Parth Jindal, “Our strategic collaboration with SAIC Motor aims to grow & transform the MG Motor operations in India with a focus on green mobility solutions. The joint venture paves the way for bringing a world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles. The JV’s focus on broader localisation initiatives will yield financially accretive synergies through economies of scale while providing the highest level of customer service to the Indian consumer. One of the key focus areas of this joint venture will be to pursue the development of the EV ecosystem and to take a leadership position in this space. We would like to thank SAIC and MG Motor for choosing JSW as their partners of choice and look forward to building one of India’s largest automobile companies together. The rich history of the MG brand is known to all and its success in India is there for all to see and it is truly an honour to be able to take this brand and company forward alongside a strong global partner in SAIC. We cannot wait to get going.”
The MG Motor India lineup currently consists of the Comet EV, Astor, ZS EV and the Gloster. The Comet recently joined our long-term fleet and we did an inter-city trip with it. A detailed report of the same will be featured in our upcoming issue, so stay tuned!
