If their ambitious goals for the future come to pass, this may not be their last award. They have plans to begin construction of a ultra low energy plant that can churn out at least 30,000 vehicles by the end of this year as well as introduce a new model and variant each year. Get all the delicious details in the press release after the break.
REVA Drives Away with 2008 Frost & Sullivan European Automotive Powertrain Company of the Year Award
LONDON--(BUSINESS WIRE)--The 2008 Frost & Sullivan European Automotive Powertrain Company of the Year Award is presented to Reva Electric Car Company (RECC) for demonstrating excellence in sales volumes, superior market penetration and high levels of customer satisfaction within the electric vehicle (EV) industry. In 2007, on average one REVA electric car was sold per day in the United Kingdom.
RECC is the world's best selling developer and manufacturer of electric cars and a pioneer of EV technologies. It is the first company to break through the price-performance barrier with an EV, the first to successfully commercialise EVs and, the first to volume sell EVs with AC motor drives.
"Technology leadership has enabled RECC to break the price-performance barrier and consistently develop and commercialise new mobility solutions," notes Frost & Sullivan Research Analyst Anjan Hemanth Kumar. "In 2007, RECC achieved milestones in terms of battery and electric motor technology."
Research and development on lithium ion batteries reached new heights when RECC successfully tested and evaluated lithium ion batteries for the REVA quadricycle. The newly developed lithium ion batteries provide a driving range of more than 140 kilometers compared to 60-80 km from the existing lead acid battery pack.
The company's current model – REVAi – has been designed to facilitate upgrades to li-ion packs when they are made available for sale in 2008. With the incorporation of the new AC electric motor, the REVAi increases the mid-range torque by 40 per cent and offers a boost mode for short term acceleration.
"RECC has demonstrated technology leadership in European markets with its ability to deliver an EV at a competitive price with sufficient performance for its intended purpose as a city commuter vehicle," remarks Anjan Hemanth Kumar. "Priced at less than nine thousand pounds, compared to the twelve to seventeen thousand pounds charged by its competitors, the Reva car, known as G-Wiz in the United Kingdom, offers customers exceptional value for money."
Reva has been diligently striving to achieve high levels of customer choice and satisfaction. For instance, its offer of unlimited body colours and the introduction of extended warranties and finance schemes have resulted in repeat purchase levels of up to 30 per cent when model variants have been introduced.
Looking ahead, RECC is building a new and ultra low energy manufacturing plant to LEEDS guidelines that will expand production capacity to thirty thousand vehicles per year by the end of 2008. This will enable the company to increase penetration within existing and new markets as the emission free sector expands rapidly over the next five years. The company has announced that it will launch one new vehicle and one new variant every year in order to build upon its position as the pioneer of the European EV market.
The Frost & Sullivan Award for Company of the Year is presented each year to the company that has demonstrated excellence within its industry. The Award is based on numerous factors including the company's business development, competitive strategy, and leadership within a particular industry. This company is perceived to exhibit outstanding management, consistent growth, high quality products and/or services and positive social and economic impact on local and national communities. The company is also recognised for its exceptional customer service, high calibre performance, ability to combine technology and successful strategic initiatives, and should have proven expertise in taking advantage of market changes by capturing and solidifying market presence, or through execution of innovative strategies within the existing competitive landscape.
Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
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[Source: Frost and Sullivan]