Mahindra to launch electric vehicles by Nov

: Mahindra Reva Electric Vehicles Pvt. Ltd plans to sell 30,000 electric cars in the next three years, encouraged by government policy support for the industry, chief technology officer Chetan Maini said at the Auto Expo in New Delhi on Friday.

The automaker, which acquired electric vehicle maker Reva in 2010, unveiled two electric cars at the Delhi Auto Expo in New Delhi. ‘We will launch these electric cars in the market by Diwali,’ Pawan Goenka, head of Mahindra Reva Electric Motor Co, as well as president at parent Mahindra & Mahindra, told reporters at the Auto Expo.

‘India is ready for electric vehicles if manufacturers provide them,’ he said. Diwali is the festival of lights that falls in November.

Production of the company’s new Reva NXR, which was unveiled at the Auto Expo, will start in the second half of the current calendar year. Exports to some European countries will commence next year.

“We are looking not only at cars, but a complete mobility solution,” said Maini. Since the acquisition, a little below 1,000 electric cars have been sold by Mahindra Reva, inclusive of exports. Demand for EVs and hybrid vehicles in India is estimated to rise 50-fold by 2020.

While the initial cost of the vehicle may be higher for electric cars, the total cost of ownership over the life of the vehicle is much lower, he said. This will be critical in weaning buyers away from conventional vehicles, Maini added. His company has been working towards making the technology more affordable.