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JSW MG Motor Crosses $1 Billion Revenue: Overview
- JSW MG Motor India achieves $1 billion+ revenue (₹8,790 crore) in FY25, up 10% YoY.
- Net losses nearly double to ₹1,096 crore from ₹586 crore; slips back to operating losses after FY24 profit.
- Vehicle sales were 57,899 units (+12% YoY); EVs were 52% of the total (from 11% in FY23), making them the second-largest EV maker after Tata.
- Joint venture (JSW 51%, SAIC 49%) eyes capacity expansion to 300,000 units, 33% EV market share by 2030.
JSW MG Motor India Hits $1 Billion Revenue Milestone in FY25: But Losses Nearly Double
JSW MG Motor India, the dynamic joint venture between India’s JSW Group and China’s SAIC Motor, has marked a significant achievement by crossing the $1 billion revenue threshold in the financial year ending March 31, 2025—less than six years after launching operations in the country. Revenue climbed 10% year-on-year to ₹8,790 crore (approximately $1.04 billion at average exchange rates), reflecting robust sales growth and an aggressive pivot toward electric vehicles.
However, the milestone is tempered by a sharp widening of losses. Net losses nearly doubled to ₹1,096 crore from ₹586 crore in FY24, as the company slipped back into operating losses after achieving its first-ever operating profit the previous year. Rising raw material costs, investments in expansion and electrification, and higher expenditure linked to network growth contributed to the margin pressure.
Vehicle sales rose 12% to 57,899 units from 50,001 in FY24, driven by strong demand for models like the Windsor EV, ZS EV, Comet, and others. EVs accounted for 52% of total sales in FY25—a dramatic leap from 11% in FY23—positioning JSW MG as India’s second-largest EV manufacturer behind Tata Motors.
Key Financial and Sales Metrics FY25
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | ₹8,790 crore (~$1.04B) | ~₹7,990 crore | +10% |
| Net Loss | ₹1,096 crore | ₹586 crore | Nearly doubled |
| Vehicle Sales | 57,899 units | 50,001 units | +12% |
| EV Share | 52% | N/A | From 11% in FY23 |
The company returned to operating losses after FY24’s profit, highlighting cost intensity from EV focus.
EV Pivot Drives Growth But Adds Cost Pressure
The surge in EV contribution—over half of sales—reflects successful launches and consumer shift toward electrification. Higher average realizations from premium EVs supported the topline, but investments in battery tech, localization, and network expansion weighed on profitability.
JSW MG operates from Halol, Gujarat (100,000+ capacity), with plans for further scaling.
Strategic Outlook: Expansion and Funding
As a JV with JSW-led entities holding 51% and SAIC 49%, the company eyes greater control and capital infusion. Ambitions include:
- Capacity ramp-up to 300,000 units annually.
- Targeting 33% share of India’s EV market by 2030.
- Potential $300-350 million funding round.
Leadership changes (Anurag Mehrotra as MD since February 2025) and product diversification underscore long-term vision.
Challenges in a Competitive Landscape
Despite the revenue milestone, losses highlight:
- Intense price competition in EVs.
- Rising component costs.
- Network and R&D investments.
Cumulative losses over five years exceed ₹3,000 crore, though improving trends in FY24 showed turnaround potential.
The Bigger Picture: Fastest to $1B Amid EV Intensity
JSW MG’s rapid ascent to $1 billion—faster than peers like Renault—showcases effective JV execution: blending SAIC’s EV expertise with JSW’s Indian market strength.
In a segment dominated by Tata and challenged by new entrants, the company’s EV-heavy strategy positions it for future growth, provided cost disciplines and funding materialize.
The $1 billion mark is a proud landmark, but narrowing losses will be key to sustainable leadership in India’s evolving automotive space.
Source: electronicsforyou.biz
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