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    Vikshita Vitthal Gujaran in News

    20 Mar 08:34 AM


    JSW Group-MG Motor venture aims to sell 1 million EVs in India by 2030

    The joint venture between India's JSW Group and MG Motor, which is owned by China's SAIC Motor 600104.SS, is targeting 1 million electric vehicles sold in India by 2030, an executive for the JSW Group said on Wednesday.

    The venture plans to foray into the premium passenger vehicle segment, the companies said in a joint statement.

    MG Motor has two electric car offerings in India: the Comet EV, a small car, and the ZS EV, which is an SUV.

    The announcement comes amid a change in the EV landscape in the country. Last week, Indialowered import taxes on certain electric vehicles by carmakers that commit to invest at least $500 million and start domestic manufacturing within three years.

    The policy is a big win for Tesla, as it helps enable the company's plans to enter India. Despite the threat of increased competition, analysts have said the impact on vehicle sales for domestic players could be limited to largely makers of pricier vehicles.

    Source -Moneycontrol