SAIC Group's joint venture in India will invest up to $440 million for expansion, increasing its bets on hybrid and electric vehicles.

China's SAIC Group and India's JSW Group joint venture JSW MG Motor Managing Director stated that the company plans to invest up to $440 million to expand its Indian factory and launch a new range of vehicles mainly focusing on hybrid and electric models. Anurag Mehrotra, Managing Director of JSW MG Motor, told reporters that the company plans to invest around 30 to 40 billion rupees in the next few years to launch three to four new models this year and increase the current factory's annual production capacity from around 120,000 vehicles to 300,000 vehicles. "Funds will be raised through various channels. At least this year, internal funds are sufficient," he added, mentioning that they will also consider debt and equity financing options.