19 February 2024, 08:08 AM IST
More than a dozen new EVs from Maruti Suzuki, Hyundai and Tata Motors are slated to hit the market by the next financial year.
symbolic image | Photo: MG Motors
Car manufacturers MG Motor is all set to launch its third electric vehicle model in the Indian market. M.G. Cyc Motor, the owners of the motor, and its new partner in India, J.S.W. The new model will be manufactured by the group. The company is expecting up to 30 percent growth in electric vehicle (EV) sales.
As part of strengthening operations in India, an EV will be launched this year itself. MG will release the model. Motor India Chairman Emeritus Rajeev Chaba said. The aim of the company is to create an environment-friendly transport system. More than a dozen new EVs from Maruti Suzuki, Hyundai and Tata Motors are slated to hit the market by the next financial year.
J.S.W. aims to bring electric vehicles to the Indian market at the same price as petrol vehicles. The group was recently informed. As part of this, JSW said that an electric vehicle factory and a battery production center will be started in Odisha at a cost of Rs 40,000 crore. Group Chairman Sajjan Jindal had announced the other day.
He also stated that the plan is being prepared for revolutionary changes in the automobile sector. To produce a low-cost and highly technologically advanced battery for electric vehicles. Currently, electric vehicles are 30 percent more expensive. Overdependence on China for auto components will be avoided. The investment will be made in phases.
JSW has informed that the plant in Odisha will have the capacity to manufacture one lakh commercial vehicles and three lakh electric vehicles.. A battery unit with a capacity of 50 gigawatts per hour will be prepared. Construction work will begin by the end of this year. The plan is to start production by FY 2027.
Content Highlights: MG Motors announces New Electric Vehicle, Third EV will launch this year