JSW Group, Volkswagen begin talks to set up electric vehicle joint venture

In a significant development for India’s electric vehicle (EV) landscape, JSW Group, the nation’s leading steelmaker, has initiated discussions with German auto giant Volkswagen AG. The collaboration aims to secure technology and components for JSW’s ambitious Rs 40,000 crore EV project in Odisha. This move comes shortly after Volkswagen announced supplying components for Mahindra & Mahindra’s upcoming electric SUVs, highlighting the growing momentum in India’s EV space.

JSW’s commitment to the project is further evident by their ongoing partnership with MG Motor, a Chinese automaker, for manufacturing electric cars in India. This multi-pronged approach emphasizes JSW’s comprehensive strategy to establish itself as a major player in the Indian EV market.

The proposed Odisha project promises to be a game-changer, encompassing a 50 GWh EV battery plant, a lithium refinery, a copper smelter, and facilities dedicated to manufacturing EVs and related components. This integrated approach aims to address the crucial issue of affordability, targeting a price point of around Rs 20 lakh for their EVs, thereby bridging the gap between electric and internal combustion engine vehicles.

JSW’s initiative signifies the immense potential and growing interest in India’s EV market, currently dominated by established players like Tata Motors and Mahindra & Mahindra, but still lacking significant volume. This collaboration with a global automotive leader like Volkswagen positions JSW to be a frontrunner in shaping the future of electric mobility in India.