Gensol Engineering Limited, a company based in Ahmedabad is planning to enter the electric vehicle (EV) market with segments in personal mobility and cargo EVs. The company intends to open its EV manufacturing facility in Chakan, Pune with a monthly capacity of producing 1,200 units. The plant is expected to begin its production from October 2022 and start final deliveries from January 2023.
The company estimates that the total available market for its personal mobility EV will be 900,000 units per year by financial year 2030.
In July 2022, the company signed a term sheet to pick up a majority stake in a US based EV manufacturing startup. The investment is aimed to speed up the company’s plan to deliver domestically manufactured EVs in India. With this investment, Gensol anticipates an increase in revenue of Rs 5 to 6 billion for financial year 2024.