- The company is preparing to start production next year.
- It has also started recruiting engineers and designers.
- There may be a revolution in the electric vehicle segment of the country
Ahmedabad-based solar company ‘Gensol Engineering Limited’ is moving ahead with this objective.
The company is preparing to start production next year.
Electric vehicles are a new sensation, but due to their expensive prices, people are still avoiding buying them. But what if the price of an electric car comes down to Rs 6-7 lakh. Ahmedabad-based solar company ‘Gensol Engineering Limited’ is moving ahead with this objective. The company aims to produce an electric car in less than Rs 6 lakh. The company told investors on Friday that it has signed a term sheet to acquire a US-based electric vehicle manufacturing startup. The advantage of this will be that the company will benefit from the expertise of that startup to develop electric cars.
Gensol Engineering Ltd has not given details of the deal. It also hasn’t said which startup it is acquiring, but a few things have come to light. Anmol Singh Jaggi, Managing Director of the company has said that we clearly believe that there is a need for an electric vehicle of 5-6 lakh rupees. It is clear from his statement that the company aims to introduce electric vehicles in this price range.
It has also started recruiting engineers and designers.
The company has told investors that it is targeting to start production from Pune from the first quarter of next year i.e. 2023. Initially, 12,000 cars will be produced every year. The company is also hiring around 150 automobile engineers and designers. According to the Money Control report, the company will invest Rs 250-400 crore in several tranches. It also aims to set up an R&D center for technology development.
There may be a revolution in the electric vehicle segment of the country
Anmol Singh Jaggi has said that the acquired company is still working on a prototype hatchback that will ‘compete with compact hatchbacks like the WagonR’. The electric car that the company is targeting will be able to run up to 200 km on a single charge and can be fully charged in just 2 hours.
The goal that the company is pursuing does not seem impossible, as the cost of the world’s cheapest electric car is around Rs.1.25 lakh. Wuling Hongguang Mini EV company manufactures it and sells it in China. At the same time, the cheapest electric car on Indian roads is the Tata Tigor, Whose price is around 12.4 lakh rupees.