Mahindra Reva in India Archives

February 20, 2013

Mahindra Reva Among the Top 50 Most Innovative Global Companies

Mahindra Reva is the most occurring name in recent news, its latest development in the field of electric vehicles and other contributions had led it to a global platform.

The new lined-up E2O is much hyped by Indian media houses because it is due to make, good vibes in the automobile industry, and Mahindra’s badge adds a lot of confident to vehicles as shares fine underpinnings of Indian blood.

Recently, the listings of ‘Fast Company’ magazine had balanced Reva on the22nd position among global brands like Nike, Apple, Google and Samsung. Mahindra’s subsidiary is the only Indian on that board; hence it is a significant remark on the notes of a US $15.9 million Mahindra Group. The Fast Company magazine does its assessment on the basis of creativity, real-world impact, risk taking, and execution, where Reva’s new generation E2O EV stance with a unique smart-phone based feature named ‘Emergency Electric Boost’.

Commenting on this awful occasion, Mr. Anand Mahindra, Chairman of Mahindra Group said, “Mahindra Reva featuring among the world’s top 50 most innovative companies is a tribute to Chetan Maini and the team at Mahindra Reva. Our vision of the Future of Mobility depends on our ability to harness clean energy not only to power, but also produce a new generation of clean vehicles. Mahindra Reva is a global leader in addressing both these important issues.”

Mr. Chetan Maini who is the Chairman and chief strategist of technological department, shaded under the bright wings of Mahindra Reva Electric Vehicles Pvt. Ltd, said, “It is a matter of honour and great pride to be featured in such a prestigious global list. This recognition is testimony to our unrelenting efforts and contribution to the electric vehicle industry. I would like to thank everyone who supported us on this journey.”

He had also confirmed the continuation of such highly marked innovations in future; concluding to all of them E2O will give in a firsthand experience of the same.

August 29, 2012

Mahindra Reva all set to roll out several electric vehicles

Mahindra Reva, country’s only electric car maker, is making plans to build up a sturdy product rangeby the coming years as the demand for electric vehicles is said to go up with mounting fuel rates.

Mahindra & Mahindra (M&M), which got hold of Reva in the year 2010, is also concurrentlyleveraging the firm’s expertise for electrifying a few of its subsisting products.

Mr. Chetan Maini, founder and chief technology officer, Mahindra Reva, stated that the group will roll out one new version on a yearly basis for the coming two three years from the Mahindra Reva podium and some platforms from the Mahindra group.

Mr. Maini added that Mahindra has a sturdy research and development group and currentlythey have a full-grown plant where they have the suppleness to makediversetype of cars.

He added that they have an effective distribution network.

So we have a pipeline of products coming out, probably one new variant every year for the next two years,” added up Mr. Maini.

Mahindra & Mahindra exhibited electric Verito at this year’s Auto Expo, which took place in the national capital.

Theelectric Verito was co-produced with Mahindra Reva. Reva is also making attempts on M&M’s subsisting light commercial vehicles comprising Maxximo and GiO.

Last auto show, we showcased an electric vehicle; the technology is very scalable to other platforms. So, over time, you will see Mahindra vehicles getting electrified. They are all in a development stage and in a couple of years you will start to see them coming out. Like Verito, the prototypes of GiO and Maxximo have been done,” Maini also said.

The firm during the last week kicked off its facility in close proximity to Bangalore with a capacitanceto make 30,000 units on an annual basis. It is anticipatingutilizing the wholecapabilityby the coming three years.

The firm’s NXR (a four-seater car) will be rolled out near Diwali.

Mahindra Reva latelyinked a MoU with the Australian administration for establishing a Greenfieldplant in that nation.

The firm is also making discussions with a few more nations for a comparable biz model.

Even though the firm did not disclose the nations as the discussions are at early stages.

March 19, 2012

Budget 2012 brings in a twist for the Electric car market in India

The Union Budget of 2012-2013 has made the way very narrow and rigid for the growth of electric vehicles and hybrids in the country. The Budget made some concessions but has imposed additional taxes as well, which has only increased the overall tax on the sales of an electric of hybrid car which will only be passed over to the consumers by the car manufacturers. Although lithium-ion battery packs which are used in the electric and hybrid cars have been given a full exemption on the basic customs duty, but excise duty will still be levied. The good part is that the excise duty has been reduced to 6 per cent compared to 10 per cent o]]f the previous taxation slab. Other than that, duty on some other specified parts of these vehicles have also been reduced to 6 per cent from the previous 10 per cent tax slab. But a 5 per cent to 6 per cent increase in the basic excise duty on cars will raise the car prices by 1 per cent. The CVD (Countervailing Duty) has also been increased up to 6 per cent fromthe previous 5 per cent which will make the batteries costlier.

The Founder, chief technology and strategy, Mahindra Reva, Chetan Maini said the other day that the 2012-2013 budget is more disappointing rather than encouraging for the EV (Electric Vehicle) industry. Whatever benefits have been given is in peanuts, the different duties/cess has also raised the cost of EV from 1 per cent to 1.5 per cent. Overall, this budget didn’t support or encourage the EV industry at all.

However, the Indian customer will still find the EVs cheap compared to the petrol or diesel vehicle. In a recent nationwide survey done by Absolutdata, an analytics firm shows that Indian automobile customers are very keen on buying an EV or anything which will save money spent on fuel. 78 per cent of the surveyed admitted to the fuel efficiency and space being the biggest factor on reaching a decision to buy a car. Half of the surveyed were looking for a diesel variant to go for because it’s more fuel efficient compared to petrol. Almost all of gladly admitted to pay even a premium to get an EV.

January 21, 2012

Mahindra Reva gets SBI’s financial backing

Mahindra & Mahindra is presently ‘banking’ on the State Bank of India. The automaker feels the need to get some financial backing behind it to carry it through the present rumored bad patch. The vehicle financing is required by a branch of Mahindra and Mahindra, namely the Mahindra Reva Electric Vehicles Pvt. Ltd. The present CGM of State Bank of India, Mumbai, Mr. R N Mehra mentioned in his statement that the bank would be financing around 85 percent of the car’s on road price. He also stated that the car company, Mahindra Reva electric vehicle would be financed by the bank for a period of seven years, at a considerably low interest rate of 12 percent. The CGM in his statement also mentioned that the EMI to be paid to the bank would be a small amount of 1765, to cover for the loan of 1 lakh over a seven year term.

With the backing coming in from one of India’s leading banks, it seems the company is out of the doldrums and can now move into marketing their product, the Mahindra Reva. The Chief of Operations of Mahindra Reva Electric Vehicles, Mr. R Chandramouli seemed considerably excited with the signed agreement and expressed his optimism regarding quick responses from dealers and consumers alike. The bank has chipped Mahindra and Mahindra with quite a bit of favor. The car company can now allow their customers to pay up the loan at any time, within the mentioned repayment time period and without having to pay any pre-payment penalty.

With its electric car concept hitting the markets, with the customers tentative of their product, this is probably the best thing that could have happened for the car manufacturers. The support of SBI, speaks for itself. The car is priced in the range of Rs.2.89 lakh to Rs.3.52 lakh to keep it in the competition with its diesel competitors.