3 hrs ago
JSW Launches Financing Arm to Accelerate Electric Truck Adoption
JSW Group has started a financing company to help people buy electric trucks and buses.
Electric trucks cost much more at the beginning than diesel trucks.
JSW says they can still be cheaper over their entire working life because electricity and maintenance may cost less than diesel.
The company expects total ownership costs to be 15-20% lower than for diesel vehicles.
Several major banks have approved financing for JSW’s products.
JSW also plans to swap batteries so trucks spend less time charging.
Its first electric trucks will work on predictable routes between factories, mines and ports.
JSW expects its electric-vehicle business to reach break-even after selling or operating 3,000-4,000 vehicles.
JSW Group has created a separate financing company for electric trucks and buses to address their higher upfront prices.
Electric trucks cost about ₹85-88 lakh compared with roughly ₹25 lakh for a diesel truck, but JSW projects 15-20% lower lifetime ownership costs.
ICICI Bank, HDFC Bank, Canara Bank and State Bank of India have approved JSW’s products, with financing structured at about 80:20.
JSW plans battery swapping, Battery-as-a-Service, wet leases and outright battery purchases, with trucks offering up to 500 km of range.
The company will initially deploy 100 vehicles on captive routes and expects Greentech to break even after reaching 3,000-4,000 units.
- Who
- JSW Group, including JSW Greentech, led by Chairman Sajjan Jindal and CEO Sumit Mittal.
- What
- JSW has established a financing arm for electric trucks and buses and is developing related battery and leasing services.
- Where
- The initial vehicles will operate on closed-loop routes connecting JSW factories, mines and ports.
- When
- The announcement was published on September 22, 2026.
- Why
- To reduce the effect of electric vehicles’ higher upfront prices and help operators benefit from lower lifetime ownership costs.
Key facts
- Diesel truck price
- Roughly ₹25 lakh
- Electric truck price
- About ₹85-88 lakh
- Projected TCO advantage
- 15-20% lower than diesel, according to JSW
- Planned financing ratio
- Approximately 80:20
- Initial deployment
- 100 electric trucks on a captive route
- Maximum stated range
- Up to 500 km
- Expected break-even threshold
- 3,000-4,000 units
- Planned plant capacity
- 15,000 units annually
Quotes
Sajjan Jindal
Chairman of JSW Group
“The disruption is not in the upfront price, but in the total cost of ownership.”
thehindubusinessline.com
“I don’t think capital is going to be constrained.”
thehindubusinessline.com
Sources
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