- Gensol Engineering has signed up for a majority stake at a US-based EV startup.
- The company plans for SOP by Q1 2023 and will create EVs in various segments.
- Vehicles with a 200km range and two hours charging time rumoured.
India-based renewable energy solutions provider Gensol Engineering last week formalised a majority stake in a US-based EV startup. Gensol Engineering aims to utilise the EV startups’ R&D facilities to build a robust domestically manufactured EV in India. The company is also sighting a boost in revenue in the figures of Rs 500 – 600 crore for the fiscal year 2024.
Gensol Engineering provides concept-to-commissioning solar advisory, execution and operation services for solar projects in India and abroad. The company is a part of Gensol group of companies and provides engineering, procurement and construction contracts.
Affordable EVs for India
Gensol Engineering, which signed a term sheet with a US-based EV startup on July 7th, has plans to bring an EV to the Indian market. The company might be considering the hatchback segment in India, which comprises of 46 percent market share. Gensol values this EV hatchback segment to be worth approximately Rs 70,983 crore and expects the EV market in India to touch about 2,00,000 units in annual sales volume by 2030, which is a 105 percent upside in the market’s potential.
Gensol’s venture aims to bring in technological advancements in the EV space and will, in the future, cater to the passenger, fleet, and cargo buyers with a host of different designs on the cards. The ‘Made in India’ vehicles are expected to deliver a range of 200km on a single charge with a charging time of 2 hours. Further details have been promised to be released soon.
Gensol expects to set up shop in Pune, Maharastra, which will begin with an R&D facility. The company aims for a Start of Production (SOP) by the first quarter of 2023 at Pune itself. Gensol aspires to produce 12,000 odd units per year in the first phase itself and intends to onboard 150 automobile engineers and designers.