Gensol Engineering, An RE Solution Provider Enters Electric Vehicle Market

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An Ahmedabad-based renewable energy solution provider, Gensol Engineering Ltd has entered the electric vehicle market segment with cargo electric vehicles and personal mobility.

The company intends to build its electric vehicle manufacturing plant in Chakan (Pune), one of India’s largest automotive manufacturing clusters. The plant is expected to begin production in October and be ready for delivery in January 2023. It will be able to produce 1,200 units in a month.

Gensol projects the total sales opportunity for its personal mobility EV to be 900,000 units annually by FY30. This is in both fleet operator (230,000) and personal mobility (670,000) segments.

The company estimates that the cargo electric vehicles will sell 519,000 units by the end of FY30, in both the three-wheeler cargo segment (388,000 units) and four-wheeler LGV (131,000 units) segment.

Gensol also leases electric cars to a well-known ride-hailing service and earns rental income. After extensive market research, Gensol decided to enter the EV manufacturing sector after spotting the potential for safe and comfortable EV-powered hatchbacks at a price below Rs 6 Lakh.

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The company will introduce its personal mobility vehicles at Rs 5-6 Lakh, which have a range between 100-200 km and a speed of 80 km/h. It also has a charging time of three hours. These will come equipped with remote access and geo-fencing, an air-conditioned/heated cabin, 4G Cloud connectivity, and offer AI-powered insights and over-the-air live updates.

This urban cargo vehicle will cost around Rs 5-6 Lakh. It has a range between 100-200 km and 800 kg payload. It can also charge for 3 hours of charging time.

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