Shares of Gensol Engineering Limited surged 7 percent to Rs 1,270 in the morning trade of February 28 after the company's subsidiary, Gensol Electric Vehicles received the certification and approval for an electric vehicle, from the Automotive Research Association of India (ARAI).
The development gains significance as it paves the way for the electric vehicle’s official launch and sale in the Indian market. "This certification culminates the vehicle homologation process, which involves vehicle testing both in controlled lab environments and on diverse terrain conditions," the company said.
At 9:25am, the stock was trading at Rs 1,226, up 3 percent from the previous close on the NSE. The share price has gained 57 percent in the last three months.
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The new modern electric car, contributing to the larger mission of decarbonising mobility, will be manufactured at a greenfield plant in Chakan, Pune, with an annual production capacity of 30,000 cars. The compact two-door, two-seater electric vehicle has a moonroof, ample boot space, in-cabin driver assistance technology, a comprehensive technology stack, and AI-driven cloud analytics.
"We are committed to bringing our first made-in-India electric vehicle to the market with full compliance with ARAI regulations. We are proud to have developed a vehicle that meets the highest standards of safety, quality, and performance parameters", Anmol Singh Jaggi, chairman of Gensol Engineering, said.
Gensol specialises in engineering, procurement, and construction (EPC) services, focusing on the solar power sector. It has an electric vehicle (EV) production facility in Pune that manufactures electric three-wheelers and four-wheelers.
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