SAIC and JSW Group India Sign Strategic Cooperation Agreement

(Shanghai, November 30, 2023) SAIC and JSW Group India recently signed a strategic cooperation agreement in London, UK. In order to seize the opportunity of the rapid development of the Indian automobile market, SAIC will introduce JSW Group as a strategic investor to further support MG India to expand its market share through capital increase and share expansion. Both parties will actively synergize their respective advantageous resources in automotive, steel, energy and other fields to create a mutually beneficial and win-win cooperation model to ensure the sustainable development of MG India. SAIC will fully utilize its world-class intelligent electric core technology to fully support MG India to build a green mobility ecosystem. According to the agreement, after the completion of the capital increase, JSW Group will own 35% of MG India. The relevant cooperation program is still subject to government approval.

(From left to right: Yu De, Assistant President and General Manager of International Business Department, SAIC; Wang Xiaoqiu, President of SAIC; Chen Hong, Chairman of SAIC; Sajjan Jindal, Chairman of JSW Group; Parth Jindal, Head of Strategic Projects, JSW Group）

(SAIC President Wang Xiaoqiu and Parth Jindal, Head of Strategic Programs at JSW Group, sign strategic cooperation agreement）

SAIC is the first Chinese automobile company whose annual overseas sales volume has exceeded the "one million units mark", and its products and services have entered more than 100 countries and regions around the world.JSW Group is India's leading integrated steel manufacturer, with its overall valuation ranked among the top five of India's local enterprises, and its core businesses covering steel, energy, infrastructure, cement, venture capital, and sports, Venture Capital and Sports, with operations in more than 140 countries around the world. Based on the principle of mutual benefit and win-win, SAIC and JSW Group will fully synergize their respective advantageous resources to jointly empower MG India to grow larger and stronger.

Mr. Wang Xiaoqiu, President of SAIC, said, "The automobile industry is a typical globalized industry, and open cooperation is an important way for the industry to maintain benign development. SAIC has long adhered to the development idea of "win-win cooperation", steadily improving its core competence and continuously expanding its production and sales scale. In the Indian automobile market, which has great potential for development, the two sides will cooperate in good faith to lead the trend of innovation in the Indian automobile market and jointly create greener and smarter mobility products and services for consumers; and seize the market opportunities to continuously expand the brand's influence and market share, and jointly promote the MG brand to achieve greater success in India.

Speaking at the signing ceremony, Parth Jindal, Head of Strategic Programs, JSW Group, said, "The strategic partnership between our two companies will focus on green mobility solutions, including the launch of a new generation of smart, internet-connected electric and fuel-efficient vehicles, to further drive the transformation of MG India. The main mission of the joint venture is to build the electric vehicle ecosystem and take a leadership position in this space. We thank SAIC and the century-old MG brand for choosing JSW as a partner and we look forward to working together to build the joint venture into one of the largest automotive companies in India.

In 2017, SAIC Group invested RMB 3.275 billion to set up MG India Automotive Ltd. in India as a wholly-owned company, including a vehicle manufacturing base and a supporting supplier park.In 2019, the first product, MG Hector, was launched into the Indian market, and since then, MG India's vehicle sales have maintained a year-on-year climb.In 2022, the company sold 48,000 vehicles, a year-on-year increase of 19.1 percent. From January to October 2023, the company sold 52,000 vehicles, a year-on-year increase of 29.7%, climbing to the eighth place in the Indian automobile market and the second place in the new energy vehicle market. Based on SAIC's rich experience in car manufacturing and strong innovative technologies, as well as JSW Group's great influence in the economic sector, MG India will accelerate the iteration of products and services in the future, and actively create a new green mobility ecosystem.