Gensol Engineering offer cheap electric car in India

India-based renewable energy solutions provider Gensol Engineering last week formalized a partnership with a US-based EV startup.

India-based renewable energy solutions provider Gensol Engineering last week formalized a partnership with a US-based EV startup.

Gensol Engineering, has claimed that it is working on a plan to provide electric cars to customers for around Rs 6 lakh.

Gensol Engineering aims to harness the R&D facilities of EV startups to create indigenously manufactured EVs in India. The company is also seeing an increase in revenue of Rs 500-600 crore for the financial year 2024.

According to a media report, Anmalo Singh Jaggi, Managing Director of Gensol, says that there is a need for an affordable electric car in India. Here you need a car whose price is 5-6 lakh rupees.

Jaggi says that there is a need for major changes in the Indian electric vehicle manufacturing industry. This can happen only if electric cars are sold in the country for less than Rs 5 lakh.

Tata Tigor is currently the cheapest electric car in India, priced at Rs 12.4 lakhs. 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 the Gensol group of companies and also offers engineering, procurement, and construction contracts.

Gensol Engineering signed a term sheet with a US-based EV startup on July 7 to bring an EV to India. The company may consider the hatchback segment in India, which has a market share of 46 percent.

Gensol is expected to value this EV hatchback segment at around Rs 70,983 crore and expects the EV market in India to touch around 2,00,000 units in annual sales volume by 2030.