Bangalore, India – Indian automobile manufacturer Mahindra & Mahindra has purchased a majority share in the REVA Electric Car Company. The buyout makes the Mahindra group a strong global player in the electric vehicle market, the company said.
“With issues such as climate change and carbon footprint taking centre stage globally, eco-friendly transportation becomes the need of the hour,” said vice-chairman Anand Mahindra. “Mahindra already has an established sustainable mobility solutions program and our association with REVA will only help us further expand our green footprint both in India and overseas.”
REVA will be renamed Mahindra REVA Electric Vehicle Company. REVA plans to leverage Mahindra’s vehicle development expertise, while REVA electric technology will be used in Mahindra vehicles.
Mahindra has purchased a 55.2 per cent equity in the electric car company. REVA was established in Bangalore in 1994 as a joint venture between the Maini Group of Bangalore and AEV LLC of California. Its first REVA electric vehicle was available commercially in 2001 in Bangalore and then in England in 2004 under the G-Wiz brand. It currently has more than 3,500 vehicles on the road in 24 countries across Europe, Asia, and Central and South America. In January 2010, GM India premiered the Chevrolet e-Spark at the Delhi Auto Show, featuring electric propulsion by REVA.