Gensol Engineering Ltd, an Ahmedabad-headquartered renewable energy solution provider, is entering the electric vehicle (EV) market with personal mobility and cargo electric vehicles.
The company plans to establish its EV manufacturing facility in Chakan, Pune, the largest of India’s four auto manufacturing clusters. It expects the plant to start production from October this year and take deliveries from January next year. The plant will have a production capacity of 1,200 units per month.
Gensol estimates the sales opportunity (total available market) for its personal mobility electric vehicle to be 900,000 units per annum by FY30 across personal mobility (670,000 units) and fleet operator (230,000 units) segments.
It estimates the sales aopportunity for its cargo electric vehicles to be 519,000 units by FY30 across 3W cargo (388,000 units) and 4W LGV (131,000 units) segments.
Gensol is also engaged in buying and leasing EV cars to a reputed ride-hailing company, earning lease rental income on it. It entered the EV manufacturing space after thorough market research and sensing the opportunity for safe and comfortable EV hatchbacks in the price range below INR 6 lac ($7,550).
The company will launch its personal mobility vehicles, priced at INR 5-6 lac ($6,292-$7,550), with a range of 100-200 km, speed of 80 km/h, and charging time of 3 hours. These will come equipped with remote access and geo-fencing, 4G Cloud connectivity, an air-conditioned/heated cabin, and offer AI-powered insights and over-the-air updates.
The urban cargo vehicle will also be priced between INR 5-6 lacs, with a range of 100-200 km, 800 kg payload, and 3-hour charging time.
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