India's JSW and China's SAIC Motors set up a $1.5 billion joint venture to focus on electric vehicle production and sales

India's largest steel company JSW and China's well-known automaker SAIC Motor announced a $1.5 billion joint venture to focus on the production and sale of MG-branded electric vehicles in India. In the joint venture, JSW and other Indian partners hold 51% of the shares, while SAIC Motor holds 49%. It is planned to launch a new model every three to six months over the next three years starting in October 2022.