Kolkata based solar photovoltaic company KSL Cleantech Ltd, formerly known as Kirti Solar Limited, is getting ready to expand its electric vehicle business in India. KSL Cleantech Ltd currently sells electric three-wheelers through the brand’s retail channels located across the country and the now the company plans to launch 10 new variants of electric two-wheelers, three-wheelers and small commercial passenger vehicles within the next 12 months. KSL Cleantech Ltd is developing various new prototypes of mini passenger vehicles and the brand is looking for a global technology partner in the EV space. KSL Cleantech Ltd also plans to manufacture electric vehicles in our country in a phase-wise manner with an investment of INR 200 crore.
In the near future, the automobile sector is going to switch towards electrified vehicles and in India, in FY-2019, the total EV sales have crossed the 7,50,000 units mark. The electric two-wheeler market has around 1,26,000 units, around 6,30,000 electric three-wheelers and around 3,600 electric passenger vehicles.
The Government of India in its latest budget has also declared that the Goods and Services Tax (GST) levied on electric vehicles will be reduced from 12% to 5% which will provide a further boost to EV sales. Also, the Government already provides subsidy to electric vehicle manufacturers through the FAME II scheme and is also likely to exempt all-electric vehicles from the registration charges making them more affordable.
KSL Cleantech in its solar based rooftop power projects has achieved more than 10,000 solar installations across India, including solar pumping solutions and rural electrification.