BENGALURU, Sept 16 (Askume) – JSW MG Motor India, a joint venture between SAIC Motor Corp (600104.SS) and JSW Group, said on Monday it will launch a luxury car brand and aims to sell the first batch of premium cars in the first three quarters of months.
The company said it will launch four products over the next two years under the “MG Select” brand.
“This move reflects the company’s strategic response to the opportunities in the premium automotive market,” JSW MG Motor India said in a statement.
China’s SAIC Motor, which owns British MG Motor, and JSW announced a joint venture in December last year , with the Indian group holding a 35% stake. The company currently makes SUVs such as the Hector and Gloster, and has two electric models – the smaller Comet EV and the larger ZS EV.
MG Motor has about 1% share of the passenger car market and competes with domestic players such as Tata Motors and foreign automakers Kia (000270.KS) and Volkswagen (VOWG_p.DE) . SAICIt is trying to expand its operations in India as New Delhi seeks to curb investments from Beijing.
JSW MG Motor India did not specify the price point of its upcoming premium products and did not immediately respond to a Askume request for comment.
The company said MG Select will offer electric, hybrid and plug-in cars and will have car showrooms across India.
The British brand currently sells cars priced from around Rs 1 million ($11,922.15) to Rs 3.9 million ($46,496.38).
Mercedes-Benz (MBGN.DE) leads the way in selling luxury cars in India, which are more expensive and often have more features.
(1 USD = 83.8775 Indian Rupees)
