Low Cost Electric Cars will be launched in India
According to a report in Financial Express, Ahmedabad-based company Gensol Engineering is working on a plan to develop a low-cost electric cars which will launched in India very soon
The car market in the country is growing rapidly, along with the demand for electric cars. However, due to the high price, some people cannot fulfill the wish even if they want to. But this time there is good news for the buyers. Because soon electric cars are going to come to the country at a price of less than 6 lakh rupees.
US startups will be acquired
According to a report in Financial Express, Ahmedabad-based company Gensol Engineering is working on plans to develop a low-cost electric vehicle. According to reports, the company is gearing up to acquire an American startup to make a bold entry into the EV market.
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Large EV market in India
According to the report, this startup will provide technical support to Gensol in making electric vehicles. Anmol Singh Jaggi, managing director of the company, said that 46 percent of the cars sold in India are hatchbacks and the total market size of EV hatchbacks is 9 billion (Rs. 70,983 crore). By 2030, the Indian EV sector is poised to grow by 105 percent to reach 2,00,000 annual sales volume.
Major investment plans of the company
Jaggi said they have planned to invest heavily in the US EV startup and that could yield positive results. They want to meet the demand for affordable EVs in India. He also said that the Indian EV manufacturing industry needs a big change. They believe that the country needs an electric car for 5 to 6 lakh rupees
It is the cheapest electric car
Tata Tigor is currently the cheapest car in the Indian electric car market. Its price is around 12 lakh rupees. MG Motor India has announced the launch of an electric car priced at Rs 10-12 lakh. Hyundai is planning to launch an affordable EV. In such a situation, the claim of this organization is somewhat surprising, as well as a relief. If this turns out to be true, then those looking to buy an electric car will get a chance to bring home an electric car in the country at the price of the Maruti WagonR. However, it will still take time to be implemented.