Gensol Confident Of Launching Its EV Model In Q1 Of FY26

Gensol Confident Of Launching Its EV Model In Q1 Of FY26

Gensol Engineering seems to be confident of launching its proposed Electric Vehicle model likely by the first quarter (Q1) of FY26. The top management of the company told its investors in the latest investors call about the status of its EV production.

The company said that the firm is undertaking the road testing of the new EV model, the firm is producing from its Chakan plant in Pune. Anmol Singh Jaggi, the Chairman and MD of Gensol Engineering told its investors, “So, on the EV manufacturing side, I think we are doing well. We are almost certain that we will be able to launch the vehicle in Q1 of FY26. We have done a lot of work.”

Gensol Engineering currently is making plum business as a solar EPC player and from its Electric Vehicle (EV) leasing business. The company has diversified projects ranging from rooftop solar, ground mounted solar projects, floating solar and others. It is also executing renewable projects in the Khavda region as an EPC player.

The company is now working on an Indian-made electric vehicle for urban Indian customers. It has planned to produce around 30,000 units of EV per year from its Pune factory. After getting the required approvals, the company is set to roll out its EV soon.

“On the EV manufacturing front, we are on our journey to launch our first made-in-India electric vehicle for urban Indian customers. This compact two-door, two-seater vehicle exemplifies modernity, intelligence, space efficiency and advanced technology. The vehicle will be manufactured at our Greenfield plant in Chakan, Pune with an annual capacity of 30,000 units per annum,” Jaggi told investors.

“The vehicle has received its first ARAI approval in late February 2024 and Gensol is now registered as an original equipment manufacturer on the Vahan portal. The vehicle is undergoing on-road testing and we are undertaking some design engineering changes to ensure the highest quality,” he added.

The company understands that the EV manufacturing business will require more funds and likely to be create new financial challenge for the firm.

“…EV Leasing has already turned the corner. EV Manufacturing, Scorpius will also turn the corner in FY26 and EV Manufacturing, we will have to invest slightly more. But yes, in next year we should have only one loss-making entity, which is the EV manufacturing. And rest all our investments will start to give us fruits,” Jaggi told the investors in the investors call.