Gensol EV, a subsidiary of Gensol Engineering, has laid off approximately 50 employees from its total workforce of 170. This decision is part of a restructuring effort aimed at addressing ongoing financial difficulties.
Sources within the industry report that some of the affected employees have not yet received their full and final settlements, while others have been awaiting overdue salaries since February.
These layoffs occur during a challenging period for Gensol Engineering, which recently had its borrowing status downgraded to default by two credit rating agencies. Additionally, BluSmart, an all-electric ride-hailing company co-founded by Gensol Engineering’s promoters, is also experiencing disruptions, including the departure of senior executives. Reports suggest that a previously announced restructuring plan for BluSmart is being called off.
Despite these challenges, Gensol EV remains committed to advancing its electric vehicle production. The company plans to explore solutions to its financial issues while focusing on the long-term sustainability of its business.
Gensol EV was established to expand the company’s presence in the electric vehicle sector and has set up a greenfield EV manufacturing facility in Chakan, Pune, to produce electric three-wheelers and four-wheelers.
