Hot on the heels of the news that Toyota has invested in Tesla, now Mahindra has acquired a majority stake in REVA Electric Car Co Ltd.
The REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd. Under the new agreement which was signed today, Mahindra & Mahindra Ltd will own 55.2% equity in Mahindra REVA by a combination of equity purchase and a fresh equity injection of approximately US $10 million into the company.
Under its core Sustainable Mobility initiative, Mahindra has been working for the last 10 years on developing green technologies and has demonstrated diesel hybrid technology on the Scorpio and hydrogen Alfa three wheelers. Mahindra has a pilot fleet operating with 100% bio-diesel and was the first to launch micro-hybrid technology in India with around 50,000 such micro-hybrids on the road today.
In EVs, over and above the electric three-wheeler Bijlee developed in 1999, it is also currently working on an electric version of its mini-truck, Maxximo. Mahindra REVA’s EV technology will be adapted for these and other M&M vehicles.
REVA is currently marketing its products in 24 countries across the world with an overall vehicle population of over 3500. REVA recently premiered its next generation electric car models, the NXR and NXG. Mahindra REVA will now have access to Mahindra’s vehicle development technology and distribution network, significantly enhancing its ability to launch a state-of-the-art electric vehicle for global markets.
Mahindra began in 1945 by assembling the Willys Jeep in India and is now a US $6.3 billion Indian multinational.
Keywords: Mahindra acquires major stake in REVA, REVA Electric Car Co Ltd., Mahindra REVA Electric Vehicle Co Ltd.