Mahindra Reva Electric Vehicles launches its Revai

"We will be tripling our sales to 3,600 units from the present 1,200 units. Of this, the domestic market will constitute 3,000 units and the balance 600 in overseas markets. We have set a 12-18-month target to achieve this target," Mahindra Reva Electric Vehicles’ Chief Operating Officer, R Chandramouli, told reporters here.

The company plans to launch a slew of models in the domestic as well as overseas markets in the coming year.

"We are planning to launch a full-fledged four-seater vehicle in the next calender year," he said, adding the electric vehicle industry will continue to grow in India in the future.

Mahindra Reva plans to ramp-up its dealer network ten- fold to 100 across 60-70 cities by January 2012.

"Presently, we have 10 dealers–we are planning to set up another 90 dealerships across 60-70 cities in the next two- years," Chandramouli said.

The Mahindra group acquired the Reva in May 2010 for USD 7.1-billion to enter the electric vehicle market. The company’s new plant at Bangalore would go on-stream by June next year and would have a production capacity of 30,000 units per year, he said, adding the present capacity of the plant is 1,200 units per month.

The company is eyeing new markets like Nepal, Bhutan and Malaysia to realise its growth potential. The company is presently exporting its cars to the UK, Norway, France and Spain.

"Although the European market is not doing well right now, we hope countries like Bhutan, Nepal and Malaysia will contribute more to our numbers", he said. Mahindra Reva has tied-up with Mahindra Finance which offers a unique finance plan.

The buyers now pay an interest-free refundable deposit of Rs 1-lakh followed by a monthly instalment of about Rs 7,999 for 36-months. At the end of the third year, customers can either continue to use the car by making a payment or by foregoing the deposit or return the car and claim the refundable deposit. "This scheme is very unique and we hope it will make Mahindra Reva more attractive for buyers" he said.