On July 25, Chery Group officially released a “Clarification Statement on Matters Related to the Cooperation Between Chery and India’s JSW”.
According to the statement, Chery noted reports by foreign media claiming that “China’s Chery Automobile will provide technology and components to JSW Group to help launch a new new energy vehicle (NEV) brand in India.” In response, Chery previously clarified the facts to relevant media outlets. To avoid any misunderstanding or misinterpretation among the public and investors, Chery reiterated: the cooperation between Chery and JSW only involves the supply of components and does not cover the area of technology.
The matter arose after foreign media reported yesterday that Chery would provide technical and component support to JSW Group to help it launch its own NEV brand by 2027. Sources were also cited claiming that JSW would pay Chery a one-time technology transfer fee and ongoing royalties, with the new NEV brand being fully owned by JSW. This report quickly attracted attention online. However, both Chery and JSW have officially denied this, stressing that the cooperation mainly involves the supply of components. In an emailed response, JSW added: “Core technology will be developed internally by the company, in collaboration with KPIT Technologies Ltd. and LTIMindtree Ltd.”
Background information shows that JSW Group is one of India’s largest conglomerates, with businesses spanning steel, energy, cement, infrastructure, and vehicle manufacturing such as motorcycles and three-wheelers. It is part of the O.P. Jindal Group, a steel-and-energy conglomerate founded by Indian billionaire Om Prakash Jindal. Previously, SAIC Group signed a strategic cooperation agreement with JSW in London, under which JSW was introduced as a strategic investor to support MG India’s market expansion through capital injection and equity increase. The two sides pledged to leverage respective strengths in automobiles, steel, and energy to build a win–win partnership and ensure the sustainable development of MG in India.
As for Chery Group, it is one of China’s leading independent automotive brands. Its passenger vehicle business portfolio includes Chery Automobile, EXEED, Jetour, Chery Jaguar, Chery Land Rover, and Kaiyi, covering product lines from entry-level to premium segments. Among these, the Chery brand itself has the longest history and remains the group’s core sales driver. Data shows that in the first half of this year, Chery Group sold 1.2601 million vehicles, up 14.5% year-on-year. NEV sales reached 359,400 units, a surge of 98.6% year-on-year. Chery-branded sales alone totaled 737,200 units, up 3.15%, accounting for 58.5% of the group’s overall sales.
Chery is also a veteran in China’s auto export sector, having cultivated overseas markets for many years with established sales networks and production bases. Exports have become a vital driver of Chery’s sales growth, with its NEV models proving popular in Southeast Asia, South America, and other regions. In the first half of this year, Chery exported 550,300 vehicles, up 3.3% year-on-year, ranking first among Chinese automakers in exports and setting a new record for Chinese brands.
