Super Street Network

 |   |   |  Mahindra Electric Car - Web Exclusive
Subscribe to the Free
Newsletter

Mahindra Electric Car - Web Exclusive

Mahindra & Mahindra Ltd strengthened its position in the electric vehicle market.

May 26, 2010

MAHINDRA ENTERS ELECTRIC CAR MARKET

Mahindra & Mahindra Ltd strengthened its position in the electric vehicle market with the acquisition of a majority stake in REVA Electric Car Co Ltd Bangalore. REVA Electric Car Co will be renamed Mahindra REVA Electric Vehicle Co Ltd.

Eurp_1005_01_o+mahindra_electric_car+front_view Photo 2/2   |   Mahindra Electric Car - Web Exclusive

Under the new agreement which was signed by both the companies, M&M will own 55.2% equity in Mahindra REVA by a combination of equity purchase from the promoters and a fresh equity infusion of approx US $10 million into the company. The buyout makes Mahindra a strong global player in the electric vehicle space.

After the buyout, the Board of Mahindra REVA was re-constituted under the chairmanship of Dr Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra.

The new board includes five nominees from Mahindra & Mahindra, two from the Maini family, and one from AEV LLC, California (co-founders of REVA). An independent director will be added to the board subsequently. Mr Chetan Maini will continue to play a leading role in Mahindra REVA as Chief of Technology & Strategy and will continue to be on the board.

Under its core Sustainable Mobility initiative, Mahindra has been working for the last 10 years to develop green technologies and has demonstrated diesel hybrid technology on the Scorpio and hydrogen Alfa three wheelers. Mahindra has a pilot fleet operating with 100% bio-diesel and was the first to launch micro-hybrid technology in India with around 50,000 such micro-hybrids on the road today.

In EVs, over and above the electric three-wheeler Bijlee developed in 1999, it is also currently working on an electric version of its mini-truck, Maxximo. Mahindra REVA's EV technology will be adapted for these and other M&M vehicles. Access to strong EV technology will strengthen Mahindra's other current sustainability initiatives.

REVA is currently marketing its products in 24 countries around the world with an overall vehicle population of over 3500, making it one of the largest EV fleets globally.

REVA recently premiered its next generation electric car models, the NXR and NXG which received an enthusiastic response. Mahindra REVA will now have access to Mahindra's vehicle development technology and distribution network, significantly enhancing its ability to launch a state-of-the-art electric vehicle for global markets.

BROWSE CARS BY MARKET

MORE FEATURES

Called the GR Super Sport Concept, it looks like it could be Toyota's next LMP car, but this might actually be an LMP-inspired street car.
Collin WoodardDec 15, 2017
The builds that you and your friends take part in are what truly bring people together.
Austin LottDec 15, 2017
Preview the February 2018 issue of Super Street, featuring the 2018 Toyo Tires x SS Calendar, a 620hp MR2, 726hp S15, Car Shop Glow’s pair of FD RX-7, and more! Plus: JDM wagons!
Bob HernandezDec 15, 2017
If you didn't know what Link Engine Management is but happen to be a fan of American pro drifting and/or time attack, consider this news your introduction.
Bob HernandezDec 15, 2017
One month isn't a lot of time to build a captivating show car, especially for a show like Wekfest Japan. But Masaru Ishikawa set out to do it
David IshikawaDec 13, 2017
Sponsored Links

SEARCH ARTICLES BY MAKE/MODEL

Search
CLOSE X
BUYER'S GUIDE
SEE THE ALL NEW
NEWS, REVIEWS & SPECS
TO TOP