Ahmedabad-based Gensol Engineering promoted by startup BluSmart, is venturing into the vehicle manufacturing space.

The company is expected to launch an electric three-wheeler early next year.

Gensol Engineering last year acquired an EV startup, Strom Inc, that has built the platform for a 'reverse trike' – a vehicle with two wheels in the front and one in the back.

Anmol Singh Jaggi, cofounder of BluSmart and managing director of Gensol Engineering, said the company has built a manufacturing plant at Chakan, Maharashtra, having a capacity for making 30,000 units per annum. He expects to commence production by February.

“The market is very large…and there are not enough small electric cars in India that are in the affordable segment. We are trying to target that market. In developed markets – Japan, South Korea and Europe – the concept of small cars is emerging because it reduces congestion on roads and the need for parking space,” Jaggi said.