New Delhi: Reva Electric Car Company (RECC) plans to launch another electric car by the end of 2008. Additionally, the company said it would launch one new vehicle and one variant every year from this year onwards.
Chetan Kumaar Maini, deputy chairman and chief technology officerof RECC said, "We will launch one new vehicle and one variant every year and by the end of 2008 calendar year, we will rollout another electric car with more advanced features, and fitted with a battery that can traverse wider distance," he said.
Last year, Reva entered 13 countries and is in the process of expanding capacity by over five times in the next six months. Maini said that the company's current capacity is 6,000 vehicles, which would be expanded to over 30,000 units over the next six months.
RECC has built a new 33,000 unit capacity plant in Bommasandra, Bangalore, to meet the increased demand in foreign markets and also get a foothold in the Maharashtra market.
Company officials said 80 per cent of the company's cars are sold in 21 markets abroad including the UK and Japan where there is more awareness about the environment and electric cars are more acceptable.
The company is in talks with the Maharashtra government for subsidies and tax breaks to enable Reva to enter the state market. The subsidies would also bring down the price of the car and make it more attractive for the domestic market officials said. Reva, which is available in three variants, is available in the range of Rs 3 lakh for the base model to Rs 5 lakh for the fully loaded version.
RECC has developed products ranging from three-wheelers to buses but does not plan to enter the electric two-wheeler market which has high volumes but low margins.
The company has sold around 2,500 battery-operated vehicles so far.
Maini said, "Governments across different countries are offering incentives for electric vehicles. With such fiscal benefits and growing awareness, the market for these vehicles will expand globally as well as in India," he said.
The car runs on a battery that costs Rs50,000 and has to be replaced once in three years.
The company says the car offers a saving of Rs2 lakh over a five-year period.
In India the company is now looking to strengthen its presence in Delhi, Mumbai, Ahmedabad, Chennai, and Chandigarh.
Last year the RECC launched Reva-I a new upgraded version of Reva electric car. Reva-I uses AC drive train to give better speed, range and acceleration.
The company is counting on increasing environmental and energy concerns to power its growth at home and abroad.