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Gensol Engineering Ltd., a company from Ahmedabad started by the people behind the BluSmart electric ride service, is getting into making vehicles. They’re planning to release an electric three-wheeler in the early months of next year, according to exclusive information from ET.

The company built a factory in Pune and wants to make another one in Sanand. They gave a plan to the Automotive Research Association of India (ARAI) for approval of the first factory.

Anmol Jaggi, chairman and managing director of Gensol

“Our manufacturing facility is completely ready. ARAI approval is under process. After it is received, we can start production in 45 days. We are hopeful, we can start production in January,” said Anmol Jaggi, chairman and managing director of Gensol.

The renewable energy company Gensol Engineering purchased Strom Inc., an electric vehicle startup, last year. Strom Inc. developed the architecture for a “reverse trike,” or car with two front wheels and one rear wheel.

BluSmart’s co-founder and managing director, Anmol Singh Jaggi, stated that the business has constructed a manufacturing facility in Chakan, Maharashtra, with the potential to produce 30,000 units annually. He anticipates that production will start in February 2024.

“The market is very large…and there are not enough small electric cars in India that are in the affordable segment. We are trying to target that market. In developed markets—Japan, South Korea, and Europe—the concept of small cars is emerging because it reduces congestion on roads and the need for parking space,”

 Jaggi said,  also claiming that the vehicle, a two-seater, will have a range of around 200 km and is expected to be priced around Rs 6 lakh.

This is not the first time a ride-hailing platform promoter has entered the manufacturing sector; Bhavish Aggarwal, the founder of Bengaluru-based Ola Cabs, has created the two-wheeler EV manufacturing company Ola Electric.

According to Jaggi, the company spent about Rs 150 crore building the manufacturing facility. Gensol Electric Vehicles Pvt Ltd (Gensol EV), a division of the publicly traded Gensol Engineering, would manage both the car sales and the manufacturing facility.

About Gensol Engineering

Gensol Engineering is a company that provides solar power solutions, such as design, engineering, installation, and operation of solar projects. It was founded on January 1, 2012 by Anmol Singh Jaggi, and Puneet Singh Jaggi. It is a part of the Gensol group of companies, which also offer solar advisory and consulting services. Gensol Engineering has a portfolio of more than 33,693 MW of solar projects across India and abroad. It has a market cap of Rs 928.76 Crore as of November 28, 2023.


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