JSW Group in Talks with Leapmotor for EV Tech License to Transform Indian Market
JSW Group, an Indian conglomerate that has diversified from steel to energy, is slated to be in talks to license technology from Leapmotor. The partnership will allow JSW to manufacture electric cars (EVs) in India under its own brand using Leapmotor’s superior vehicle platform technology.
This is JSW’s second effort to enter India’s fast-growing electric vehicle market. JSW is now focusing on technology licensing to create its position in India’s developing EV sector after discussions over acquiring MG Motor India’s investment stopped.
Tata Motors leads the Indian EV market, which accounts for less than 2 percent of automobile sales. However, the Indian Government aims to increase EV sales to 30 percent by 2030. JSW wants to develop its own EV brand in India by licensing technology. This partnership with Leapmotor could potentially boost Indian revenue. Leapmotor has also been in talks with Stellantis and Volkswagen about partnerships and technology licensing.