JSW Group in talks with Chinese carmaker to make EVs in India: Report
Mumbai: India's JSW Group is entering into a licensing technology agreement with China’s Leapmotor, to build Electronic Vehicles (EVs) in India, Reuters reported.
According to the report, the Indian steel-to-energy conglomerate will use Leapmotor’s technology to build cars under its own brand name.
This is JSW’s second attempt to enter the EV market.
Sources told Reuters that it will use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs). However, they could not tell when the production would begin.
JSW has also been in discussions to buy a stake in MG Motor India, owned by China's SAIC Motor Corp, to foray into the EV sector but there hasn’t been much progress, the report said.
India's EV market is still small. Currently, Tata Motors has the biggest market share but it is less than 2% of all cars sold last fiscal year.
However, India’s EV market is growing by leaps and bounds and the government is targeting a boost of 30% on EV sales by 2030.
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