Gensol Ventures Into EV Market With Manufacturing Plant In Pune

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Ahmedabad-based renewable energy solution provider, Gensol Engineering Ltd. has announced that it would enter into the electric vehicle (EV) market with personal mobility and cargo electric vehicles manufacturing plant.

The business aspires to establish an EV manufacturing plant in Chakan, Pune. The plant is expected to begin making products in October this year and accept deliveries in January of the following year. 1,200 units will be produced each month at the facility.

By financial year 2030, Gensol Engineering estimates that the personal mobility (670,000 units) and fleet operator (230,000 units) sectors would account for 900,000 units of sales opportunity (total available market) for its electric personal mobility vehicles.

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It projects that the 3W freight (388,000 units) and 4W LGV (131,000 units) sectors will account for 519,000 of the sales opportunity for its cargo electric cars by the end of the fiscal year.

Gensol Engineering added, “With a starting price of Rs. 5-6 lac, the company will introduce personal mobility vehicles with a range of 100-200 km, a top speed of 80 km/h, and a charging period of 3 hours. These will have over-the-air updates, 4G Cloud connectivity, an air-conditioned/ heated cabin, remote access, geo-fencing, and AI-powered insights.”

According to Gensol Engineering, these urban cargo vehicles will cost between Rs. 5 and 6 lacs and boast of a range of 100 to 200 km, a payload capacity of 800 kg, and a three-hour charging time.

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Gensol Engineering Ltd. had earlier agreed to a term sheet to acquire the majority of a startup producing electric vehicles in the US. The investment is intended to hasten the company’s intention to supply EVs made domestically in India. Gensol Engineering estimates that this expenditure will increase income by Rs 5 to Rs 6 billion for the fiscal year 2024.