Overview

• JSW has offered to buy most of SAIC’s holding to take majority control, though the two sides remain apart on valuation.
• SAIC would keep supplying technology and products to the venture even as it reduces its stake, according to Reuters sources.
• China has resumed some rare-earth shipments to Europe and the United States, but approvals to export magnets to India remain withheld, complicating EV supply chains.
• JSW is in advanced talks with Chery Automobile for a separate technology partnership under a JSW-branded line, a prospect that has caused unease at SAIC, reports say.
• MG Motor India has grown from roughly 16,500 sales in 2019 to over 61,000 in 2024, runs a 120,000-unit Gujarat plant, and has a $240 million EV plan awaiting government approval.