Elon Musk's Tesla To Face Challenges In India? JSW Group Said To Be Mulling Cheap EV

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.

See Also: Tesla Holds Highest-Level Talks With Indian Govt Since Elon Musk Met PM Modi

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.

Read Next: Tesla Picks Up Office Space In Pune: Elon Musk’s India Dreams Take Shape?

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Techelectric vehiclesElon MuskJSW GroupMG Motor IndiaSAIC MotorTesla