The case for immediate electrification of consumer transport is undeniable. The transport sector accounts for about 17 percent of global greenhouse gas emissions, and stimulating supply and demand for electric-vehicle (EV) adoption in the mass market will be pivotal for Asian countries to meet national emissions goals and a global 1.5-degree climate change target.
Thus, accelerating EV ecosystem development is a major opportunity to seize significant growth through new green business-building endeavours.
Specifically, the Indian EV car segment is set to grow at 105 per cent till 2030 reaching 2,00, 000 annual sales volume. Hatchbacks form 46 per cent of the cars sold in India and the total market size of EV hatchbacks is $9 billion (Rs 70,983 crore). To capture this huge market, Gensol is setting up an EV car manufacturing unit in Pune with a capacity of 12000 cars per year in the first phase.