Bring home Cloud EV

MG’s masterstroke in the auto-sector

• Prolonged planning and strategization finally led to the joint venture between Chinese Auto Major SAIC Motor and Sajjan Jindal led-JSW Group giving birth to JSW MG Motor India. MG Motor was a regional subsidiary of SAIC in India.
• This auto company is about to launch an incarnation for their passenger vehicle segment.
• This venture will pump in fresh investments giving the much-required momentum to MG Motor India. However, it proves to be a win-win situation for both the parties as this could be the avenue for JSW to enter consumer business as well as promote the sales of its stell, paints and mining.
• By 2025, JSW MG Motor India will invest Rs 3000 crore and this fresh capital will see increased capacity to 300,000 units per annum and atleast 5 new vehicles with EV and other configurations.
• Out of the new variety to be unveiled, an electric crossover vehicle Cloud EV will be the maiden launch during the festive season.
• After successful run of their two EV vehicles, Comet EV and ZS EV, the management is pretty hopeful of Cloud EV too.
• The company has released a teaser advertisement on Cloud EV exhibiting its dynamic alloy wheel design, sleek LED DRLs and LED light bar. A sunroof and a two-spoke steering wheel might be included.

EV jig in the Indian market

• States subsidy in fuel coupled with infrastructure support spike of 66% in the sale of EV in 2024, almost double that of 2023.
• 2030 might see EVs representing one-third of the country’s passenger vehicle market signalling auto future of India turning completely electric.
• Contemplating the EV scene, Tata Motors associated with Uber accommodating more than two-third of 2023 EV market. Unfortunately, it also lost share to Mahindra and Mahindra and BYD.
• Mahindra and Mahindra played well with 2476% increase with a single model in its portfolio turning it into the fastest growing brand in the year followed by BYD and MG Motor.
• BYD was not left far behind as long as EV sales are concerned. It reported 1500% sale growth with only two models in its India line-up.
• Maruti Suzuki’s entry in the EV segment is expected to reshuffle the market to a great deal especially bringing a hit to the dominance of Tata.
• Not only Indian auto majors bagging opportunities in the EV segment, Tesla has already begun the product of right-hand driven EV cars to be exported to India.
• As per Reuters report, Tamil Nadu sees construction of factory by Vietnamese automaker, VinFast who aims to invest USD 2 billion in India.

Government step-up for EV makers

• Government has decreased import taxes on few EV models on condition if automakers commit to invest atleast USD 500 million and begin domestic manufacturing within three years.
• PLI scheme for Advanced Chemistry Cells is another initiative bolstering the industry growth.

Editor’s Note

Indian auto market is about to witness revolution in the coming years. From Indian players like JSW MG Motor India, Tata Motors, Mahindra and Mahindra, BYD to the foreign auto giants like Tesla will be competing neck to neck in selling their EV models. And the only two beneficiaries out of the situation is the customer who can buy EVs at unthinkable prices and not to forget, our environment which will only turn cleaner and safer with tons of EVs ruling the Indian roads.