JSW MG Motor India has captured attention in the Indian auto market with a significant leap in sales, especially in the EV category. December 2024 was a standout month for the company, as it posted its best-ever sales, achieving a year-over-year growth of 55%. Over 7,500 units were sold, with electric vehicles making up over 70% of the total sales. The company’s standout performer was the MG Windsor, a passenger EV that has sold more than 10,000 units since its launch in September 2024.
Chaba attributed the success of the October-December quarter (Q3FY25) to the launch of the Windsor and strong seasonal demand driven by festivals and promotional schemes.
Chaba expressed his confidence in the growth trajectory of the EV sector in India, predicting that FY26 will mark a pivotal year for the industry. With EV sales having increased by nearly 20% in 2024, he anticipates this upward trend will continue, forecasting a 5.5% share of EVs in the overall auto market by 2026. While EVs account for approximately 3.5% of total vehicle sales, Chaba believes the sector is rapidly approaching the “tipping point” where EVs will become a mass movement. He expects this threshold to be crossed once the market share reaches 10-12%.
In line with its strategy to expand its range of electric vehicles, JSW MG Motor India is set to unveil several new models in 2025. Chaba confirmed that the company plans to showcase three vehicles at the Auto Expo, with a focus on gauging customer reactions to new concepts. While he remained tight-lipped about the specifics of the models, he assured that the company’s EV offerings would be central to the presentation.
One of the most eagerly awaited vehicles from JSW MG Motor India is the Cyberster, an electric sports car first unveiled in March 2024. Chaba confirmed that the company is still evaluating the viability of the car line but is committed to launching it in 2025.
Edited Excerpts:
Q: What would be your outlook for FY26 in terms of EV sales?
Chaba: EV sales in our country are at a pretty interesting stage. It’s not still at a tipping point, but EV sales increased by almost 20% industry-wide in 2024. With the onslaught of many more models and big players joining the EV race next year, I hope this number will grow. In 2024, about 3.5% of the auto industry was EV. This should increase to 5.5% next year. In my opinion, the tipping point at which it becomes a mass movement is around 10-12%. So, we are getting closer to that. So, the next financial year will be a mega year for the EV industry.
Q: How do you expect the sentiment to be in the January to March quarter (Q4FY25), and how would you close FY25 in terms of sales?
Chaba: The October to December quarter (Q3FY25) was pretty good for us because we had launched Windsor. We have made record sales of 10,000 cars in three months. So, it went well for us.
From an industry perspective, the sentiment was pretty good in Q3FY25 because of Diwali initially and then December because of the calendar year closing. Many sales promotion schemes were there, and customers were in the market for the deals. So overall in terms of retails, last quarter has been very good. Some stock adjustments also take place from the manufacturer’s perspective. So, the wholesale numbers may differ from player to player, but as far as we are concerned, December was an all-time high for wholesales, retail, delivery, and VAHAN registration. So, we are happy on that account.
Q: Give us a bit of colour on what we can expect from JSW MG Motor India at the auto expo and the number of launches for the full calendar year.
Chaba: Sajjan Jindal, our chairman, announced a few months ago that we want to enhance our portfolio and keep launching a new car every five to six months. So, we’ll stick to that.
At the auto expo, we are trying to show a few cars as concepts and gauge consumers’ reactions towards the proposition if we have to launch those cars. Right now, I won’t be able to tell you exactly what kind of car we will display, but like last time, we expect to garner good attention from consumers and showcase our best.
In terms of new energy vehicles, we are strong. In December, 70% of our sales were EV. We’ll continue our impetus on EVs. In Q4FY25, from a sales perspective, we should show a good increase over the same quarter of last year. We expect a growth of 30-35 % in Q4FY25.
Q: So, you expect about 30% growth in the remaining three months of this fiscal year?
Chaba: Yes.
Q: Your previous statements say that there are three cars lined up to be showcased at the Auto Expo. Will the Cyberster be finally launched in India commercially? Or will it still be a product unveil, and will the launch happen later in the year?
Chaba: We are still gauging the viability of all the car lineups. And Cyberster is definitely one of them. We showcased that in March 2024 at the time of unveiling our joint venture partnership. So definitely, that remains on the agenda. And in all likelihood, we are going to launch it in 2025, and showcase will happen at the auto expo.
Watch accompanying video for the entire conversation.
