Gensol to venture into the EV market, set up mfg. unit for personal and cargo mobility in Pune

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

The company plans to establish its EV manufacturing facility in Chakan, Pune. It anticipates 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 reckons 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 opportunity 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.

The company will launch its personal mobility vehicles, priced at Rs. 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 Rs. 5-6 lacs, with a range of 100-200 km, 800 kg payload, and 3-hour charging time.