MG India focuses on sustainable development to build a green travel ecosystem SAIC Motor and India's JSW Group sign a strategic cooperation agreement

(Shanghai, November 30, 2023) Recently, SAIC Motor and India's JSW Group signed a strategic cooperation agreement in London, UK. In order to seize the opportunity of the rapid development of the Indian automobile market, SAIC will introduce JSW Group as a strategic investor to further support MG India to expand its market share through capital increase and share expansion. The two parties will actively coordinate their respective advantageous resources in the fields of automobiles, steel, energy, etc. to create a mutually beneficial and win-win cooperation model to ensure the sustainable development of MG India. SAIC will make full use of its world-class smart electric core technology to fully support MG India in building a green travel ecosystem. According to the agreement, after the capital increase and share expansion is completed, India's JSW Group will own 35% of the shares of MG India. The relevant cooperation plan is still subject to government approval.

From left to right: Yu De, Assistant to the President of SAIC and General Manager of International Business Department, Wang Xiaoqiu, President of SAIC, Chen Hong, Chairman of SAIC, Sajjan Jindal, Chairman of JSW Group, Parth Jindal, Head of Strategic Projects of JSW Group

  SAIC President Wang Xiaoqiu and JSW Group Strategic Project Director Parth Jindal signed a strategic cooperation agreement

SAIC is the first Chinese automobile company to break the "million-unit mark" in annual overseas sales, and its products and services have entered more than 100 countries and regions around the world. JSW Group is India's leading integrated steel manufacturer, and its overall valuation ranks among the top five local companies in India. Its core businesses cover steel, energy, infrastructure, cement, venture capital and sports, and its business covers more than 140 countries around the world. SAIC and India's JSW Group will fully coordinate their respective advantageous resources based on the principle of mutual benefit and win-win results, and jointly enable MG India to expand its scale and strengthen its strength.

Wang Xiaoqiu, President of SAIC Motor, said: The automobile industry is a typical global industry, and open cooperation is an important way for the industry to maintain healthy development. For a long time, SAIC has adhered to the development concept of "win-win cooperation", steadily improved its core capabilities, and continuously expanded its production and sales scale. In the Indian automobile market with huge development potential, the two parties will cooperate sincerely to lead the innovation trend of the Indian automobile market, jointly create greener and smarter travel products and services for consumers; seize market opportunities, continuously expand brand influence and market share, and jointly promote MG brand to achieve greater success in India.

At the signing ceremony, Parth Jindal, head of strategic projects at JSW Group, said: "Our strategic cooperation will focus on green travel solutions, including the launch of a new generation of intelligent connected electric vehicles and fuel vehicles, to further promote the transformation and development of MG India. The main task of the joint venture is to build an electric vehicle ecosystem and take a leading position in this field. I would like to thank SAIC and the century-old MG brand for choosing JSW as a partner. We look forward to jointly building the joint venture into one of the largest automobile companies in India."

In 2017, SAIC Motor invested RMB 3.275 billion to establish MG India Automobile Co., Ltd. in India, including a complete vehicle manufacturing base and a supporting supplier park. In 2019, the first product, MG Hector, was launched in the Indian market. Since then, MG India's vehicle sales have continued to rise year by year. In 2022, the company sold 48,000 vehicles, a year-on-year increase of 19.1%. From January to October 2023, the company sold 52,000 vehicles, a year-on-year increase of 29.7%, climbing to the eighth place in the Indian automobile market and the second place in the new energy vehicle market. Based on SAIC's rich experience in car manufacturing and powerful innovative technology, as well as JSW Group's huge influence in the economic field, MG India will accelerate the iteration of products and services in the future and actively create a new green travel ecosystem.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.