Mahindra Reva recently opened their new plant for manufacturing what is their first four seater full-sized electric car that is named NXR for now. The car is expected to hit markets by early 2012.
The company’s operations chief, R. Chandramouli said that their new plant located close to Bangalore, would be able to initially manufacture around 15,000 models per annum, which can later be increased to 30,000 models. He also said that customers could choose between the lead acid and lithium battery for the Reva.
While the lithium battery is more expensive, it offers greater speed and a 100km mileage with a single charge. Meanwhile, the lead acid one that is also used in their two seating Reva, is cheaper but has a mileage of only 80km in a single charge. This car is quite similar in design to models like the Estillo from Maruti, however it is a lot taller compared to other cars in its category.
The NXR will be built on a steel frame and have ABS body made out of a dent-resistant material. Chandramouli also said that while the NXR is priced higher, it will still be competitive. The existing cars have a price range between INR 3.36 to 3.89 lakhs in Bangalore. In 2010, the Reva managed to sell around 600 cars and expects to sell around 100 cars this year.
Chandramouli further said that they plan to offer lithium batteries even in their existing models that will have a 40% high battery life. He also added since Mahindra acquired a stake of 55% last year in the Reva Electric Car Co., the Mahindra Finance, finance arm will offer a scheme of buy back to their customers.
As per the scheme, customers of the Reva will have to make a deposit of INR 1 lakh, and pay another INR 9,000 per month for a three year period. Following a lapse of three years, customers can return back the Reva and collect their INR 1 lakh. Chandramouli, also said that because of the green initiative, the states of Chhattisgarh and Rajasthan have both waived off the VAT on the cars.