Latest news with #SajjanJindal
Yahoo
24-07-2025
- Automotive
- Yahoo
Chery to support India's JSW to launch new EV brand by 2027
China's Chery Automobile has agreed to supply technology and components to JSW Group to facilitate the launch of a new-energy vehicle brand in India by 2027, reported Bloomberg, citing people familiar with the matter. Under the terms of the agreement, Chery is said to receive a one-time technology transfer payment fee and ongoing royalties from JSW, owned by Sajjan Jindal. The partnership does not include any equity arrangement, adhering to India's investment restrictions on Chinese firms in strategic sectors. This deal represents the first significant passenger vehicle technology transfer from China to India since the 2020 border conflicts, which led to heightened bilateral tensions and investment barriers. Chery and JSW have contested the details reported by Bloomberg News, stating that the agreement primarily concerns component supply. Chery's expertise in electric cars, hybrids, and automotive technologies like electric powertrains, hybrid systems, and intelligent cockpit technology is crucial for JSW's goal to localise and scale production swiftly. JSW is currently assessing several Chery models, especially the iCar sport utility range, to adapt for the Indian market. The new EV brand is said to be entirely owned by JSW and will operate separately from its current MG Motor India joint venture (JV) with China's SAIC Motor, which will continue to sell vehicles under the MG brand in India. The royalty payments from JSW will contribute to Chery's revenue and support its global expansion plans, which include a $1bn factory in Turkey. The JSW is also reportedly constructing facilities in Maharashtra state in India to produce its own brand of passenger EVs from 2027 and plans to introduce electric trucks and buses as early as next year. Furthermore, JSW aims to increase its stake in the MG Motor JV by purchasing additional SAIC's stake in the entity, as disclosed by JSW MG Motor India director Parth Jindal in a local Indian newspaper earlier this month. In May, Bloomberg News reported that Chery is also considering a Hong Kong initial public offering to raise around $1.5bn, citing those familiar with the matter. Earlier this month, Chery confirmed its entry into the UK new car market this summer under its own brand. "Chery to support India's JSW to launch new EV brand by 2027 – report" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
24-07-2025
- Automotive
- Business Times
China's Chery to supply tech to help India's JSW launch own EVs
[BEIJING] China's Chery Automobile will supply technology and components to billionaire Sajjan Jindal's JSW Group to help launch a new-energy vehicle brand in India by 2027, according to sources familiar with the matter. Under an agreement between the two companies, JSW will pay Chery a one-off technology transfer fee and recurring royalties, said the sources, who asked not to be identified because the information is private. There is no equity arrangement, in line with India's restrictions on Chinese investment in strategic sectors. The deal will mark the first major passenger vehicle technology transfer from a Chinese automaker to an Indian company since border clashes between the two nations in 2020 snowballed into a bilateral spat. India has put up walls to prevent its neighbour from making big-ticket investments in the country. Chery and JSW disputed the accuracy of Bloomberg News's report in their responses and said the pact was for providing components. 'Chery will supply components of parts of models. JSW will assemble and produce under JSW brand in India,' the Chinese car maker said in an e-mail. An e-mailed response from JSW mirrored Chery's comments and said 'the core technology will be developed in-house with the help of companies', such as KPIT Technologies and LTIMindtree. Deeply dependent India's nascent electric vehicle (EV) ecosystem is deeply dependent on Chinese supply chains, from rare earth magnets to lithium-ion cells. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While China is also heavily scrutinising overseas transfer of technologies in critical sectors such as EVs and semiconductors, several Indian companies, including Exide Industries, Amara Raja and Tata AutoComp Systems, have licensing agreements and partnerships with Chinese cell pioneers such as Svolt Energy Technology and Gotion High-tech. The closely held Chery, China's top passenger vehicle exporter for 22 consecutive years and its fourth-largest carmaker, has a presence in more than 100 countries and also has a joint venture with luxury marque Jaguar Land Rover, which is owned by India's Tata Motors. Chery is also said to be eyeing a Hong Kong initial public offering that could raise about US$1.5 billion, Bloomberg News reported in May, citing sources familiar with the matter. But its pursuit of a successful listing has been complicated by its significant operations in Russia, where it became a top-selling brand. Shying away Some international banks are shying away, prompting Chery to scale back Russian operations and cease sales to sanctioned countries such as Cuba and Iran. The royalty stream from JSW, in this backdrop, will boost its revenues and its international ambitions that include setting up a US$1 billion factory in Turkey. Chery's portfolio spans electric cars and hybrids under brands such as iCar, Exeed, and Jetour. The company brings advanced electric powertrains, hybrid systems and intelligent cockpit tech, capabilities JSW will leverage to localise and scale production rapidly. JSW is reviewing several Chery models, particularly from the iCar sport utility range, to tailor for Indian consumers. The Indian conglomerate, that spans steel, new energy, infrastructure and paints, has been entering newer segments such as cement and cars. The new EV brand will be wholly owned by JSW and operate independently of its existing MG Motor India joint venture with China's Saic Motor, which will continue to sell vehicles in India under the MG badge, the sources said. JSW is setting up facilities in the Indian state of Maharashtra where it will manufacture its own brand of passenger EVs from 2027, as well as a range of electric trucks and buses from next year, the sources said. The JSW Group is also planning to increase its stake in its MG Motor joint venture by buying out more of Saic's stake in the entity, Parth Jindal, director of JSW MG Motor India, told a local newspaper earlier this month. The conglomerate has also finalised two licensing pacts with Chinese automakers, the report said, without giving further details. BLOOMBERG
Time of India
24-07-2025
- Automotive
- Time of India
China's Chery to supply tech to help India's JSW launch own EVs
China's Chery Automobile Co. will supply technology and components to billionaire Sajjan Jindal 's JSW Group to help launch a new-energy vehicle brand in India by 2027, according to people familiar with the matter. Under an agreement between the two companies, JSW will pay Chery a one-off technology transfer fee and recurring royalties, said the people, who asked not to be identified because the information is private. There is no equity arrangement, in line with India's restrictions on Chinese investment in strategic sectors. The deal will mark the first major passenger vehicle technology transfer from a Chinese automaker to an Indian company since border clashes between the two nations in 2020 snowballed into a bilateral spat. India has put up walls to prevent its neighbor from making big-ticket investments in the country. Chery and JSW disputed the accuracy of Bloomberg News's report in their responses and said the pact was for providing components. 'Chery will supply components of parts of models. JSW will assemble and produce under JSW brand in India,' the Chinese car maker said in an email. An emailed response from JSW mirrored Chery's comments and said 'the core technology will be developed in-house with the help of companies,' such as KPIT Technologies Ltd. and LTIMindtree Ltd. Deeply dependent India's nascent EV ecosystem is deeply dependent on Chinese supply chains - from rare earth magnets to lithium-ion cells. While China is also heavily scrutinizing overseas transfer of technologies in critical sectors like EVs and semi-conductors, several Indian companies including Exide Industries Ltd., Amara Raja and Tata AutoComp Systems Ltd. have licensing agreements and partnerships with Chinese cell pioneers like SVOLT Energy Technology Co. and Gotion High-tech Co. The closely held Chery, China's top passenger vehicle exporter for 22 consecutive years and its fourth-largest carmaker, has a presence in more than 100 countries and also has a joint venture with luxury marque Jaguar Land Rover, which is owned by India's Tata Motors Ltd. Chery is also said to be eying a Hong Kong initial public offering that could raise about $1.5 billion, Bloomberg News reported in May citing people familiar with the matter. But its pursuit of a successful listing has been complicated by its significant operations in Russia, where it became a top-selling brand. Shying away Some international banks are shying away, prompting Chery to scale back Russian operations and cease sales to sanctioned countries like Cuba and Iran. The royalty stream from JSW, in this backdrop, will boost its revenues and its international ambitions that include setting up a $1 billion factory in Turkey. Chery's portfolio spans electric cars and hybrids under brands such as iCar, Exeed, and Jetour. The company brings advanced electric powertrains, hybrid systems and intelligent cockpit tech — capabilities JSW will leverage to localize and scale production rapidly. JSW is reviewing several Chery models, particularly from the iCar sport utility range, to tailor for Indian consumers. The Indian conglomerate, that spans steel, new energy, infrastructure and paints, has been entering newer segments like cement and cars. The new EV brand will be wholly owned by JSW and operate independently of its existing MG Motor India Pvt. joint venture with China's SAIC Motor Corp., which will continue to sell vehicles in India under the MG badge, the people said. JSW is setting up facilities in the Indian state of Maharashtra where it will manufacture its own brand of passenger EVs from 2027, as well as a range of electric trucks and buses from next year, the people said. The JSW Group is also planning to increase its stake in its MG Motor joint venture by buying out more of SAIC's stake in the entity, Parth Jindal, director of JSW MG Motor India told a local newspaper earlier this month. The conglomerate has also finalized two licensing pacts with Chinese automakers, the report said, without giving further details.
Time of India
24-07-2025
- Automotive
- Time of India
China's Chery to supply tech to help India's JSW launch own EVs
China's Chery Automobile Co. will supply technology and components to billionaire Sajjan Jindal 's JSW Group to help launch a new-energy vehicle brand in India by 2027, according to people familiar with the matter. Under an agreement between the two companies, JSW will pay Chery a one-off technology transfer fee and recurring royalties, said the people, who asked not to be identified because the information is private. There is no equity arrangement, in line with India's restrictions on Chinese investment in strategic sectors. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics MCA Degree Operations Management Data Science Project Management Technology Design Thinking Finance healthcare Healthcare Cybersecurity Product Management CXO others Management Public Policy PGDM Data Science Others Artificial Intelligence Leadership Digital Marketing MBA Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details The deal will mark the first major passenger vehicle technology transfer from a Chinese automaker to an Indian company since border clashes between the two nations in 2020 snowballed into a bilateral spat. India has put up walls to prevent its neighbor from making big-ticket investments in the country. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Vinh Tan: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Chery and JSW disputed the accuracy of Bloomberg News's report in their responses and said the pact was for providing components. 'Chery will supply components of parts of models. JSW will assemble and produce under JSW brand in India,' the Chinese car maker said in an email. An emailed response from JSW mirrored Chery's comments and said 'the core technology will be developed in-house with the help of companies,' such as KPIT Technologies Ltd. and LTIMindtree Ltd. Live Events Deeply dependent India's nascent EV ecosystem is deeply dependent on Chinese supply chains - from rare earth magnets to lithium-ion cells. While China is also heavily scrutinizing overseas transfer of technologies in critical sectors like EVs and semi-conductors, several Indian companies including Exide Industries Ltd., Amara Raja and Tata AutoComp Systems Ltd. have licensing agreements and partnerships with Chinese cell pioneers like SVOLT Energy Technology Co. and Gotion High-tech Co. The closely held Chery, China's top passenger vehicle exporter for 22 consecutive years and its fourth-largest carmaker, has a presence in more than 100 countries and also has a joint venture with luxury marque Jaguar Land Rover, which is owned by India's Tata Motors Ltd. Chery is also said to be eying a Hong Kong initial public offering that could raise about $1.5 billion, Bloomberg News reported in May citing people familiar with the matter. But its pursuit of a successful listing has been complicated by its significant operations in Russia, where it became a top-selling brand. Shying away Some international banks are shying away, prompting Chery to scale back Russian operations and cease sales to sanctioned countries like Cuba and Iran. The royalty stream from JSW, in this backdrop, will boost its revenues and its international ambitions that include setting up a $1 billion factory in Turkey. Chery's portfolio spans electric cars and hybrids under brands such as iCar, Exeed, and Jetour. The company brings advanced electric powertrains, hybrid systems and intelligent cockpit tech — capabilities JSW will leverage to localize and scale production rapidly. JSW is reviewing several Chery models, particularly from the iCar sport utility range, to tailor for Indian consumers. The Indian conglomerate, that spans steel, new energy, infrastructure and paints, has been entering newer segments like cement and cars. The new EV brand will be wholly owned by JSW and operate independently of its existing MG Motor India Pvt. joint venture with China's SAIC Motor Corp., which will continue to sell vehicles in India under the MG badge, the people said. JSW is setting up facilities in the Indian state of Maharashtra where it will manufacture its own brand of passenger EVs from 2027, as well as a range of electric trucks and buses from next year, the people said. The JSW Group is also planning to increase its stake in its MG Motor joint venture by buying out more of SAIC's stake in the entity, Parth Jindal, director of JSW MG Motor India told a local newspaper earlier this month. The conglomerate has also finalized two licensing pacts with Chinese automakers, the report said, without giving further details.
Bloomberg
24-07-2025
- Automotive
- Bloomberg
China's Chery to Supply Tech to Help India's JSW Launch Own EVs
China's Chery Automobile Co. will supply technology and components to billionaire Sajjan Jindal's JSW Group to help launch a new-energy vehicle brand in India by 2027, according to people familiar with the matter. Under an agreement between the two companies, JSW will pay Chery a one-off technology transfer fee and recurring royalties, said the people, who asked not to be identified because the information is private. There is no equity arrangement, in line with India's restrictions on Chinese investment in strategic sectors.
