MUMBAI, March 20 (Reuters) - The joint venture between

India's JSW Group and MG Motor, which is owned by China's SAIC

Motor, is targeting 1 million electric vehicles sold

in India by 2030, an executive for the JSW Group said on

Wednesday.

The venture plans to foray into the premium passenger

vehicle segment, the companies said in a joint statement.

MG Motor has two electric car offerings in India: the

Comet EV, a small car, and the ZS EV, which is an SUV.

The announcement comes amid a change in the EV landscape in

the country. Last week, India lowered import taxes on certain

electric vehicles by carmakers that commit to invest at least

$500 million and start domestic manufacturing within three

years.

The policy is a big win for Tesla, as it helps

enable the company's plans to enter India. Despite the threat of

increased competition, analysts have said the impact on vehicle

sales for domestic players

could be limited

to largely makers of pricier vehicles.

Electric models made up about 2% of total car sales in

India in 2023, with the government targeting 30% by 2030.