JSW Energy to launch its own electric vehicle by 2020!
They are the ones who’ve been generating the energy which will power the motor car’s Electric future. Their foray into a segment which is directly related to their current business is quite natural then. JSW Energy, one of India’s leading players in the Energy trading and transmission sector, is working towards building a full service integrated energy business. The company’s Board of Directors has approved entry into the business of manufacturing of electric vehicles, electrical battery/energy storage systems and charging infrastructure directly or by setting up one or more subsidiaries.
With an expected capex in the range of INR 3,500 to INR 4,000 crores, which could be incurred over the next three years, they are very serious about grabbing a big slice of the future. According to an official release from JSW, the Indian automobile industry is at an inflection point in terms of growth in overall market size and a level playing field has been made available to new entrants due to disruption by electric vehicle technology.
JSW Energy seeks to participate in this revolutionary market opportunity and is planning to launch its own electric vehicle by 2020 with a vision of “Make in India and Make for India”. It will bring world class products suitable to Indian conditions satisfying Indian customer needs. Their strategy is aligned with Government of India’s vision to make all cars electric by 2032, which will ease pressure on the economy of our country by reducing the fuel import bill.
They are aware of the current challenges which have been throwing a spanner in an accelerated adoption of the technology. As a result, JSW Energy also plans to facilitate the creation of charging infrastructure and necessary ecosystem for faster penetration of electric vehicles in India. According to the release, JSW Energy aims to be ahead of the curve, by leapfrogging the current trends to capitalise on these new opportunities and create a new growth dynamic for the Company.
According to the company’s vision, India has a huge opportunity for energy storage systems, not only for electric vehicles but for other static applications such as telecom, micro grids, and solar storage systems for household and power banks. JSW Energy plans to enter into the energy storage systems business for both in static and mobility applications as it will be a forward integration of its existing business of power generation to distribution.