The Hindu Business Line : Reva to launch another car by year-end

New Delhi, Feb. 7 Reva Electric Car Company Pvt Ltd ( RECC) will launch one more electric car by the end of 2008. The company also said that it would launch one new vehicle and one variant every year, starting this calendar year, in the growing electric vehicles market which is witnessing entry of multiple players.

Last year, Reva forayed into 13 countries and is in the process of expanding capacity by over five times in the next six months. “We have developed products ranging from three-wheelers to buses. We will launch one new vehicle and one variant every year. By the end of 2008 calendar year, we will rollout another electric car with more advanced features, and fitted with a battery that can traverse wider distance,” said Mr Chetan Kumaar Maini, Deputy Chairman & CTO, RECC.

However, the company has no plans to enter the electric two-wheeler market which has high volumes but low margins. Mr Maini said that the company’s current capacity is at 6,000 vehicles, which is being expanded to over 30,000 units over the next six months.

The company, which has so far sold around 2,500 battery-operated vehicles, estimates that by 2010 it would be able to reach its full capacity. “Governments across different countries are offering incentives for electric vehicles. With such fiscal benefits and growing awareness, the market for these vehicles will expand globally as well as in India,” he said.

Reva, which is available in three variants, has a base price of around Rs 3 lakh and Rs 5 lakh for the top model. While the Rs 50,000-battery has to be replaced once in three years, the company estimates that the car still offers a saving of Rs 2 lakh over a five-year period.

On the domestic front, after establishing itself in Bangalore, the company is looking to strengthen its presence in Delhi, Mumbai, Ahmedabad, Chennai, and Chandigarh.

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