Mahindra Reva Electric Vehicles Ltd (MREVL), the leading electric vehicle maker in the Indian market, today launched its new Reva-i model in the country. The new electric car has been priced at Rs 3.10-lakh (ex-showroom Pune). The company has tied-up with Mahindra Group's finance arm Mahindra Finance, which offers a unique finance plan.
Speaking on the occasion, company’s chief Operating Officer, R Chandramouli, told reporters here in Pune that the company will be tripling its sales to 3,600 units from the present 1,200 units. He added that the company aims to achieve this target in next 12-18 months. Of this target, where the domestic market will account for 3,000 units, the foreign countries will constitute the remaining 600 units. The company currently exports its electric cars in number European countries including UK, Norway, Spain and France. It also sells its cars in neighboring markets like Bhutan, Nepal and Malaysia.
Meanwhile, the company is in the final process of developing a new four-seater model for the Indian market that will be launched in the country by next year. As a part of its expansion plans in the country, Mahindra-Reva is planning to roll-out an array of new cars in both domestic and international markets. Also, it aims to enhance its dealership network to more than 100 dealers spread over 60 cities of the country by year 2012. At present, the company has mere 10 dealerships in the Indian market.
Moreover, the new Bangalore plant of the company is slated to go on stream in June 2011. The new plant would have a total annual manufacturing capacity of over 30,000 units, which will be more than double from the existing capacity of 1,200 units per month.
In May 2010, the homegrown Mahindra group had acquired a majority stake of over 55 percent in the electric car maker Reva, forming the new firm MREVL.
