Mahindra & Mahindra plans to scale up volumes of its electric vehicles (EVs) under the Reva brand, which it acquired in 2010, Mahindra Reva Electric Vehicles chief of strategy & technology Chetan Maini told FE on Wednesday.
In the pipeline are plans to enter the public private partnership route in the domestic market — that will make EVs more accessible and affordable — even as it focuses on scaling up product portfolio and export presence in the Asian and the European markets.
“The first phase has been challenging, there have not been many customers but the stage has largely been set by us. Over the next five years we will see significant volumes being added,” said Maini.
“So far we have made investments which have been substantial to set this sort of stage for electric mobility. The future will require much larger investments especially with the ‘fast charge’ coming into play where charging time gets significantly reduced and more affordable,” said Maini.
Mahindra Reva will soon announce details on the infrastructure it will create along with various partners alongwith the government.
Besides, earlier this month, the company started exports to Nepal, and aims to cover Bhutan and Sri Lanka starting next month. Also, it plans to export to the UK and Norway by the end of CY14.
“Global electric vehicle volumes are growing at 100% rate annually. With more export markets we will be able achieve higher volumes and pan out to be as big as the domestic market,” said Maini.
While the company has managed to sell just about 500 vehicles in India since 2010, it sees this changing soon. At present, Mahindra Reva has about 300 power points — 110 in Banaglore and 105 in Delhi. The company will add more points from under soon to be announced public private partnership.
As a part of its commitment for M&M, on Wednesday Reva showcased the Formula E car which will participate in this year’s Formula E championship to be held in September 2014.