In a joint statement, the two promoters of JSW MG Motor said the automobile company plans to launch a new product, including new energy vehicles (NEV), every three to six months, beginning this festive season, with two new products slated to be launched this calendar year.

The automobile company will foray into the premium vehicle segment.

JSW MG Motor India will expand its production capacity in Halol, Gujarat, with a focus on producing NEVs. This will significantly increase the production capacity from the current 1,00,000 plus to up to 3,00,000 vehicles annually, the statement said.

The business roadmap for the company focuses on extensive localisation and development of a robust automotive ecosystem across the country, the promoters said.

Parth Jindal, Member of the Steering Committee of JSW MG Motor India said: "It is our goal to be the leading auto OEM (original equipment manufacturer) in the NEV segment in India and we will be working tirelessly to bring the best available technology into India so that we can give the Indian consumer what they truly want which is world-class cars at affordable prices. MG India 1.0 has had a very good 5 years and it is now up to the joint venture to make MG 2.0 even more impactful and successful."

According to Rajeev Chaba, CEO Emeritus of MG Motor India, the joint venture will offer a range of vehicles from internal combustion engine (ICE) vehicles to NEVs, staying focused on building a robust and sustainable EV ecosystem in India.

"We are firmly committed to expanding our manufacturing footprint with extensive localisation by leveraging JSW Group’s extensive knowledge and expertise in manufacturing at scale," he added.