Mahindra Reva is determined to launch its E2O electric microcar in India this month, despite the end of federal subsidies that lower the purchase price for consumers. Although the Indian government chose to end buyer discounts, subsidies for manufacturers like Reva to buy components such as batteries remain in effect. According to The Economic Times, there already are as many as seven million EVs on Indian roads, although these are largely made up of two-wheelers and buses.
Despite the incentive setback, Mahindra is still hoping to sell 30,000 E2O units by 2015-2016, half of them for export. The vehicles are manufactured at a recently-opened factory in Bengalaru which is capable of churning out 30,000 cars a year. The E2O microcar is reported to have a top speed of 60 miles per hour and a range of 60 miles on a full charge.
Mahindra Reva's main competition in the segment is the Manuti Suzuki Swift and Hyunda i20.
Mahindra & Mahindra is India's largest truck and tractor manufacturer, and Reva is its electric car division. The company was founded in 1994 by Chetan Maini, a former Bosch India engineer, and named for his wife, Reva. Mahindra & Mahindra purchased a controlling interest in 2010.