Gensol Engineering shares rally over 6% after EV arm gets ARAI certification

Shares of Gensol Engineering Ltd gained over 6% on Wednesday after the company announced that its subsidiary has secured certification and approval for electric vehicles (EV).

Gensol Electric Vehicles Pvt Ltd, a subsidiary of Gensol Engineering, received the certification and approval for its electric vehicle from the Automotive Research Association of India (ARAI), the company said in a filing to the stock exchanges.

The ARAI certification paves the way for the official launch and sale of the company's electric vehicle in the Indian market.

The ARAI certification is given after the evaluation of the vehicle's performance, safety and compliance with vehicle regulatory norms. Gensol Engineering’s EV successfully met the criteria during the testing process, the company informed the stock exchanges.

The new electric car from Gensol Engineering will be manufactured at the company's state-of-the-art green field plant in Chakan, Pune. This facility has an annual production capacity of 30,000 cars.

Gensol's 2-door, 2-seater EV will be loaded with several industry-first features including a moonroof, in-cabin driver assistance technology, a comprehensive technology stack, AI-driven cloud analytics and a uniquely intuitive user experience, according to the stock exchange filing.

"We are committed to bringing our first made-in-India electric vehicle to the market with full compliance to ARAI regulations. We are incredibly proud to have developed a vehicle that meets the highest standards of safety, quality, and performance parameters, and matches up to the requirements of the certification,” said Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Limited.

Gensol Engineering Limited, the Gensol Group flagship firm, specialises in engineering, procurement and construction (EPC) services. The company is focusing on the solar power sector.

The company expanded its presence outside the solar power sector by establishing its production facility in Pune. The unit can produce both electric two-wheelers and four-wheelers. The company also offers EV leasing solutions, catering to a diverse clientele, including public sector entities, educational institutions, multinational corporations, ride-hailing services, employee transport companies, rental services, logistics and last-mile delivery enterprises.

At 1:13 pm, Gensol Engineering Ltd shares were trading 0.62% higher at ₹1187 per share.