JSW Motors to Invest ₹26,000 Crore and Launch 25 Models in Five Years

New Delhi: Steel magnate Sajjan Jindal's fully-owned car venture, JSW Motors, is in talks with BYD, the world's largest EV maker, alongside other Chinese companies such as Geely, Chery, Xiaomi, Nio Auto, and Li Auto for platform and component access. The Indian company has earmarked nearly ₹26,000 crore for investment over the next five years as it enters the competitive passenger vehicle segment.

JSW Motors plans to launch its vehicles next year, aiming for a debut before June from a new factory in Maharashtra. The company is set to introduce a total of 25 new models by 2030. Additionally, it is in discussions with European manufacturers like Volkswagen and Renault as it seeks alliances and partnerships for enhanced access to platforms and components, as CEO Ranjan Nayak revealed in an interview with TOI.

The partnership negotiations with BYD, which is currently importing its cars to India and incurring heavy customs duties, have been ongoing. Nayak stated that JSW is also open to manufacturing vehicles for the Chinese giant at its Maharashtra facility, which is projected to have a production capacity of 500,000 units per annum.

"I met the BYD teams even last month. I had talks with them, and they can also leverage the Indian ecosystem," Nayak explained. JSW Motors does not seek an equity partnership in this new venture, contrasting with its joint venture with SAIC for JSW MG Motor, reflecting a shift in geopolitical dynamics. India could potentially serve as an export hub for global markets, where BYD can manufacture, localize, and export to the US and Europe.

Nayak emphasized, "What we are looking at through the talks with various companies is access to components, core technology, and car platforms. We want to bring the technology here and localize it. Brutal localization is our aim. Whoever aligns with this goal is someone we are ready to collaborate with. The partner will share the tech and will be remunerated both upfront and through royalties. We don’t want to be locked up with one partner."

Regarding product offerings in India, JSW Motors is concentrating on electric vehicles, plug-in hybrids, and range extenders. SUVs will be the favored body type we target, although there are plans for a premium sedan around 2027. The average price of our initial cars will be ₹22-25 lakh; subsequently, we will venture into the mass segment aimed at fleets and taxis, which could include hatchbacks priced around ₹8-9 lakh," Nayak concluded.