JSW Group initiates discussions with Volkswagen AG for their Rs 40,000 crore EV project in Odisha
JSW group has commenced discussions with Volkswagen AG for their electric vehicle (EV) venture in the domestic market.The prominent German auto manufacturer is being approached for the supply of technology and components for JSW's electric vehicle (EV) project valued at Rs 40,000 crore in Odisha.
JSW's discussions come after the announcement by the German automaker that it would furnish EV components and battery cells to Mahindra & Mahindra, as per a report by Business Standard.
In the coming December, Mahindra is aiming to launch its electric sport-utility vehicles (SUV), incorporating components sourced from Volkswagen's MEB platform and unified cells.
A high level delegation from Volkswagen AG delivered a presentation to the key figures of the JSW group, including Chairman Sajjan Jindal and Parth Jindal, focusing on the technology developed by the German automotive giant, as per sources cited in the report.
Jindal family's private entities will be establishing the group's EV project, which does not involve any publicly listed entities.
The group has also entered a joint-venture (JV) pact with MG Motor, a company under the ownership of SAIC Motor Corp of China, acquiring a 35 per cent share for producing electric cars. As per the report, JSW officials are currently conducting due diligence on MG Motors' Halol facility in Gujarat for the project.
There is approximately a 30 per cent price gap between EVs and internal combustion engine (ICE) vehicles. The group plans to equalize the pricing of the two categories. The cars are expected to be priced at around Rs 20 lakh.