Gensol Engineering witnessed a significant surge of almost 7% in its shares on Wednesday following the announcement that its electric vehicles subsidiary had secured certification from the Automotive Research Association of India (ARAI) for its upcoming electric vehicle (EV).
The company’s shares soared to an intraday high of Rs 1,270, marking a 6.67% increase from its previous closing price on the National Stock Exchange (NSE). By 10:30 am, the stock had risen by 2.05%, trading at Rs 1,214.85.
As per Gensol’s exchange filing dated February 28, its subsidiary, Gensol Electric Vehicles Pvt Ltd, successfully obtained certification and approval from ARAI for its compact EV, paving the way for its official launch and sale in the Indian market.
The ARAI certification process encompasses evaluating a vehicle’s performance, safety, and compliance with regulatory norms. It signifies the completion of the vehicle homologation process, which entails testing vehicles in controlled lab settings and various terrain conditions.
The compact two-door, two-seater EV is poised to offer a range of features, including ample boot space, a moonroof, in-cabin driver assistance technology, a robust technology stack, and AI-driven cloud analytics. Manufactured at the company’s greenfield plant in Chakan, Pune, the modern electric car boasts an annual production capacity of 30,000 units.
Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering, expressed the company’s dedication to introducing its first made-in-India EV to the market, ensuring it adheres to the highest safety, quality, and performance standards while complying with ARAI regulations.
