A group of Indian and foreign investors have purchased a 10% share in Gensol Engineering Ltd, an Ahmedabad-based developer of renewable energy solutions, for Rs 140 crore. The company will use the funds raised to expand its solar EPC business and establish an electric vehicle manufacturing facility in Chakan, Pune. From the next year, the business intends to produce automobiles in Pune, Maharashtra’s Chakan Industrial Zone.
“With this funding, Gensol plans to accelerate delivery of a robust domestically manufactured EV in India and also expand its solar EPC business,” Anmol Singh Jaggi, Managing Director, Gensol told Moneycontrol.
Jaggi previously disclosed in an exclusive interview with Moneycontrol that Gensol intends to launch an affordable electric vehicle to compete with the WagonR that will cost between Rs 5 lakh and Rs 6 lakh, have a top speed of 95 km/h, and require three hours to fully charge.
He added that the e-car will also have over-the-air updates, remote access, geo-fencing, 4G Cloud connectivity, a heated/cooled cabin, and AI-powered insights.
A cargo version of the model will also be released by Gensol at the same time.
The cost of the urban cargo vehicle, which has a 140 km range, an 800-kg payload capacity, and a three-hour charging period, is expected to be between Rs 5 and 6 lakh.
With multiple businesses preparing models, the electric vehicle market in India is booming. The 500-kilometer-range, Bhavish Aggarwal-led Ola Electric is almost ready to launch its first vehicle. The Ola e-car, on the other hand, is being marketed as a high-end product and may be sold for between Rs 25 and Rs 30 lakh.
Tata Tigor, which costs at least Rs 12.4 lakh, is the least expensive electric vehicle currently available on Indian roads. Recently, MG Motor India revealed that it would be releasing an EV for between Rs 10 and 12 lakh, and it is also rumoured that Hyundai is developing a cost-effective model. One of the least expensive electric vehicles in the world is the $4,200 (about Rs 3.15 lakh) Wuling Hongguang Mini EV, which is sold in China. The sale of the same model by MG Motor India (owned by SAIC Group) as a Rs 10–12 lakh electric vehicle is not, however, officially verified.