subject: Reva-i Is Launched For Rs 3.10 Lakh In India [print this page] Mahindra Reva Electric Vehicles Ltd (MREVL), an electric car manufacturer in India has launched the all new plug-in Reva-I car model which comes at a price of Rs 3.10 lack (ex-showroom, Pune). The electric maker has ventured with the Mahindra& Mahindra which is the finance company of the auto giant in India. Mahindra Finance has planned a unique financial scheme for this new electric car.
R Chandramouli, the Chief Operating Officer of MREVL, said on the launch that with Reva I, the company is looking forward to sell 3, 600 units which is three times bigger than the current sale of 1, 200 units. The company plans and expects to sell 3, 000 units in the national auto sector and 600 units in the globally targeted auto market. The electric car holds its business mainly in the European markets such as Norway, UK, Spain and France as well as in Asian countries such as Bhutan, Nepal and Malaysia.
However, the electric car company is also developing an all new four-seat capacity car model for the domestic car market which is expected to enter India by next year. The governments of different countries are also stressing on the new genre of vehicles, the plug-in cars or the ones called electric cars are very much welcome in the global car market. The Mahindra-Reva is planning to expand its scope in the national as well as in the international car market by increasing its portfolio. Currently, the company sells the car models through dealerships in India; the company visions to increase this number to 100 or mode thus stretching it in more than 60 cities by 2012. The company also aims to capture a big chunk of the market this time because it is due to launch the new manufacturing facility which is going to be fully functional in June 2010. The upcoming facility will produce more than 30, 000 cars which is bigger compared to the present 1, 200 units every month. The MREVL is a joint venture of Mahindra and Reva. Fifty-five percent of the stake of Reva was taken over by Mahindra in May of this year.
