Tesla’s plans to bring its electric cars to India at an affordable price point may reportedly have competition from conglomerate JSW Group.
What Happened: Promoters of JSW Group are in talks with Chinese electric car makers to launch affordable electric cars priced between ₹15-20 lakhs in India, Business Standard reported, citing sources. Additionally, the firm is also exploring the idea of acquiring a stake in MG Motor India, which is currently owned by China’s SAIC Motor.
Notably, Elon Musk-led Tesla has also been reported to be looking to launch an electric car at a simliar price point of around ₹20 lakhs. Reports also suggest that the US-based carmaker could get a boost from a likely cut in import taxes for foreign EVs if the Indian government decides to go through with such plans.
Sajjan Jindal, the Chairman of JSW Group, might acquire a 45-48% stake in MG Motor India, which could make the latter an Indian-owned company, with around 5-8% ownership by Indian dealers and employees, while SAIC would retain the rest.
While discussing MG Motor India with CNBC-TV18, Jindal had previously said that it’s one of the options the firm is considering but nothing is confirmed yet.
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