Electric Vehicle Sector Update: International Ventures and Market Growth

A bold new joint venture between Indian steel group JSW and Chinese automotive company SAIC's MG Motors, named JSW MG Motor India, is set to revolutionize the electric vehicle market in India with an ambitious goal to sell one million electric cars by 2030 Showcasing the MG Cyberster EV, the venture is committed to catering to the premium car segment before branching into plug-in hybrid vehicles by 2025, while concurrently advancing a charging infrastructure throughout India This strategic partnership highlights India's majority stance, a move to curb China's economic influence and align with the government's target of a 30% EV share by 2030. In the US, the EV sector is experiencing significant growth, as 2023 saw electric vehicle sales climb to 7.2% of total auto sales, a substantial increase from 5.5% in 2022, with a remarkable 47% sales boost from the preceding year Leading the charge, Tesla continues to dominate with 4.3% of the total US auto sales and a commanding 56.3% of the US EV market, followed closely by industry giants such as Ford, Chevrolet, Rivian, Hyundai, and Mercedes This upward trend is supported by brands like Mercedes, Volkswagen, Audi, Porsche, and Cadillac, each securing over 10% of their US sales from EVs in 2023..