homebusiness NewsDavos 2023 | JSW's Sajjan Jindal wants to make a top end EV car that will make India proud
Davos 2023 | JSW's Sajjan Jindal wants to make a top end EV car that will make India proud
In terms of mobility Sajjan Jindal, Chairman of JSW Group sees electric vehicles (EVs) as the way of the future. Speaking to CNBC-TV18’s Shereen Bhan Jindal said that he is kind of contemplating to re-enter the EV space, and believes that EV tech is readily available, no need for partners, and is looking to build a product that India can be proud of, and will export to Europe.
JSW Chairman Sajjan Jindal wishes to make a top end electric car that will make India proud and that can be exported to Europe, he told CNBC-TV18’s Shereen Bhan during an interaction at the World Economic Forum meet in Davos, Switzerland on Tuesday.
Having declared their intention to reenter the electric vehicle space, JSW will now look to play a key role in the high-quality EV space where many global car manufacturers are competing.
Jindal said, “Now the technology is readily available so there is really no need to bring in any, any partner. What I want to do is to bring in a product where we Indians can feel proud of, and we will export that product out of India, to the European market, and to the most developed market, auto market in the world. That is the whole idea. So one could say that, well, for India, it's difficult to do a car project and to export cars to Europe but that is my idea.”
He added, “In India, we don't have a high-quality EV right now and the global majors are coming out with very quality EV cars therefore I believe that that's the segment that's an area where JSW Group can play an interesting role.”
He also mentioned that it would be a high-end product with a price point where even the upper middle class can afford to buy.
Read Here: Davos 2023: Top managements to focus hard on costs and managing them the best, says PwC's Bob Moritz
Jindal believes that the post-pandemic period has seen a resurgence in growth, with prices and demand for commodities going up. He also sees China's emergence from COVID-19 restrictions as a positive factor in the upward trend of prices.
In terms of the steel industry, Jindal sees the JSW Group as well-positioned to meet its production targets by the end of this year or early next year. However, he notes that there are not many suitable assets for acquisition in the Indian steel industry.
Jindal also sees growth in the cement industry, which he attributes to the central government's push for infrastructure development. He believes that the cement and steel industries are growing on account of the infra push by the centre.
Watch the video for more
(Edited by : Pradeep John)
First Published: Jan 17, 2023 7:06 PM IST
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