Why JSW MG Motor is confident of winning India’s EV race

JSW MG Motor is confident of becoming the front-runner in India’s electric vehicle race by leveraging the technology of China's SAIC Motor, according to Anurag Mehrotra, managing director of the Gurugram-based carmaker.

“We want to be one of the largest new energy automotive brands in the country. What gives us the confidence to win in this space is the fact that we have access to technology from SAIC Motor. That technology has scaled and matured. Many of the OEMs (original equipment manufacturers) in India will have to go through that learning curve,” Mehrotra tells Fortune India in an interview.

With just three models on offer, JSW MG Motor cornered one-third of India’s EV market in the first seven months of 2025. In comparison, India’s largest electric car maker, Tata Motors, had a 38% share in EVs with as many as five models.

JSW MG Motor India is a joint venture of billionaire Sajjan Jindal-led JSW Group and SAIC Motor.

The MG Windsor, also called the Cloud EV in China, has become a runaway success in India. “For 10 months straight, it has been the top-selling EV in the country,” says Mehrotra. The Windsor EV contributes 70% to JSW MG Motor’s total electric car sales.

JSW MG Motor’s EV dominance has also been aided by the company’s battery rental plan. A battery-as-a-service (BaaS) offering for electric vehicles has helped JSW MG Motor India bring in a new set of customers into the fold by slashing the higher sticker price for EVs, says Mehrotra.

JSW MG Motor India was the first automaker in India to offer a battery rental model for its MG Windsor EV last year. It later extended it to other EVs — compact two-door electric car MG Comet and crossover sport utility vehicle (SUV) MG ZS. “The banking partners that we started with were 2 or 3 in the beginning. Today, we have close to 8 partners. All Tier-1 banks are with us. BaaS comprises 10-15% of our overall sales,” says Mehrotra.

Over 70% of JSW MG Motor’s sales come from EVs, or new energy vehicles, as the company likes to call it.

“Consumers are really taking to EVs. It is evident not just in metros but across the patch,” says Mehrotra.

Mehrotra is not wrong. After sluggish growth in 2024-25, EV penetration in new car sales jumped to 4.1% for the quarter ended June, followed by a high of 4.7% in July.

Riding on this trend, JSW MG Motor is now eyeing a foothold in the fast-growing luxury space where EV penetration is twice that of the mass-market segment. In July, the carmaker launched the MG M9, an electric luxury multi-purpose vehicle (MPV), and Cyberster, an all-electric roadster. Both these cars are being sold through MG Select, the company’s premium retail channel.

“It’s a fascinating opportunity. The luxury market in India is growing at a very fast clip. Premiumisation is taking place in virtually every product category,” Mehrotra says on the company’s foray into the luxury segment.

The JSW MG Motor MD believes that India’s EV industry has to take a leaf out of the mutual fund industry’s book to drive public awareness towards electric cars. “EV industry has to do what the mutual fund industry did. The market is huge. It is not taking share from one or the other. The question is about expanding the market and bringing more customers into the fold,” he says.

The government’s solar rooftop scheme is also helping boost EV sales. “We are now seeing a correlation between people who buy solar panels and those who buy EVs. These customers are cost and environment-conscious, which is exactly the kind of people we are going after,” says Mehrotra.

“In 2020, the EV adoption rate in China was 6%. Today, NEV penetration in China is 40%. In our hypothesis, if all goes well, NEVs should comprise 30% of India’s total passenger vehicle market,” he believes.

When asked if JSW MG Motor India plans to participate in the government’s Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), Mehrotra says the study is currently on. “We are studying it. Let the study conclude. If the business case makes sense, we would assess,” he says. “Today, our plant capacity is 150,000 units. Last financial year, we did about 60,000-70,000 units. There is capacity for some time. As and when we believe we are getting to a point where the expansion is required, the requisite capital will be deployed to expand the facility,” adds Mehrotra.

SAIC Motor was the first Chinese carmaker to enter India in 2017 with its British marque, MG Motor. It took control of General Motors’ Halol plant in Gujarat and launched its first electric car—the MG ZS EV in January 2020. In May 2023, MG announced plans to become an Indian company in order to expand operations. A few months later, JSW Group picked up a 35% stake in the carmaker. JSW Group currently holds 35% stake in the carmaker, Everstone Capital holds 8%, dealers and employees own 8%, and the rest 49% is held by SAIC Motor.