Ahmedabad based Solar group Gensol Engineering has decided to buy majority stake in a US-based electric vehicle manufacturing start-up to deliver a robust domestically manufactured electric car in India.
With this deal, Gensol foresees an increment in revenue by Rs 500-600 crore for FY 2024.
Anmol Singh Jaggi, MD, Gensol said “Hatchbacks form 46 per cent of the cars sold in India and the total market size of EV hatchbacks is $9 billion (Rs 70,983 crore). The Indian EV car segment is set to grow at 105 per cent by 2030 reaching 2,00,000 annual sales volume. We propose to invest in this US-based EV start-up with a very positive outlook to serve India’s need for affordable and efficient EVs. With the rising fuel prices, our vision is to provide a solution that reduces fuel costs by 5 times. This is another milestone on our journey to make deeper cuts in carbon emissions and higher employment generation. The government push along with the ever-increasing demand has motivated us to set up the production of EVs in India. We shall disclose the details about our electric car very soon’’
At present, Gensol Engineering part of Gensol group of companies that offers EPC and solar advisory services.
The company aims to set up its R&D center for technology development and a start of production (SOP) in the first quarter of 2023 in Pune, India with a capacity of 12,000 electric cars per year in the first phase.
A team of more than 150 automobile engineers and designers is planned to be hired for this venture.
It aims to take this EV market to the next level of technological advancement and serve a wide variety of the customers’ mobility needs – passenger, fleet, and cargo – with different designs. These domestically produced ‘Make in India’ vehicles will deliver a cruising range of around 200km per charge and can be fully charged in just two hours.
Importantly, India is committed to a climate-motivated push to traverse its difficult path of decarbonization.
Therefore, EV is one of the front-runners for government action, as mass consumer transport electrification is not only a necessary path to net zero but also can significantly boost national economies.
