One of the largest photovoltaic companies in India ventures out in theblooming electric two- and four-wheeler- segment
India is witnessing a steady shift towards electric vehicles. The pace of adoption may be low, but that’s not stopping new players from eyeing a piece of the pie. The latest company to join the bandwagon is KSL Cleantech, one of the largest photovoltaic companies in India. The company plans to venture into electric vehicles business with a range of new products across both, two-wheeler and four-wheeler segments. There will be a slew of small commercial passenger vehicles to join them as well. Currently, the company sells electric three-wheelers pan India.
KSL is also planning to localise the production of these vehicles with a phased out capital investment of over Rs 200 crore. Speaking about the future strategy, Dhiraj Bhagchandka, MD, KSL Cleantech Ltd. said, “The entire market for land transport will switch to electrification in the near future. The government wants to bring in EVs swiftly to tackle pollution, and this gives us an opportunity to address a market looking for quality and performance and show an EV can outperform. We have set an ambitious target of entering the EV space in a big way. We are considering and evaluating opportunities for setting up a manufacturing facility in India.”
Recently it was reported that 20 per cent of the electric vehicle dealerships across multiple brands were shut down due to low demand. Whether India is ready for the electric revolution is a question that’ll be answered much sooner than we all are anticipating.