Financial Daily
from THE HINDU group of publications
Monday, July 02, 2001
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Financial Daily from THE HINDU group of publications Monday, July 02, 2001 |
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Reva cars handed over to customers
Our Bureau
BANGALORE, July 1
THE Bangalore-based Maini group handed over the first 10 Reva electric cars to customers here, among whom were leading component maker MICO, which took two cars. Reva has been seven years in the making.
According to Prof C.C. Chan, President of the World Electric Vehicle Association, Reva is amongst the first electric vehicles getting ready to be mass-produced in the world and will also be the lowest priced in the world market. He said all other electri
c cars were costlier.
Reva costs Rs 2.5 lakh and there will be no road tax for five years. Reva electric car company is a collaboration between the Maini group and AEVT Inc from California.
The company has its manufacturing facility at Bangalore and has the capacity to produce 1500 Reva cars this year, with expansion plans to 12,000 cars a year by 2003.
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