One of the pioneers of electric vehicle technology in India, Mahindra Reva Electric Vehicles today announced that its REVAi vehicle will be available at select Mahindra dealerships in Hyderabad.

This is the new product introduction by M&M and Reva since the Mahindra Group acquired a 55.2 per cent controlling stake in the Bagalore-based electric cars maker in May 2010. (See: M&M acquires controlling stake in Reva)

''The electric vehicle market is poised to grow rapidly. Mahindra's extensive distribution network, coupled with our unique finance plan will help us make significant inroads into the local market,'' said R Chandramouli, chief of operations, Mahindra Reva.

The company has tied-up with Mahindra finance to offer customers a unique financing plan.

REVAi buyers can now pay an interest free, refundable deposit of Rs100,000, followed by monthly instalments of Rs8,999 for a period of 36 months (3 years) and drive home a REVAi.

At the end of three years, the customer can either continue using the car by making a final payment of Rs50,000 or return the car and claim the refundable deposit of Rs100,000, the company said in a statement.

REVAi, the automatic drive, no emission and no noise car, comes with a 'boost' mode for acceleration and power, a 'hill restraint' feature that allows enhanced negotiation on slopes, regenerative braking system and a range of up to 80km per charge.

With a range of 80 km per charge, the eco-friendly vehicle can drive at 80km per hour with acceleration from 0-40 km in seven seconds while patented technology incorporated in its energy management system (EMS) ensures optimum performance and life from the battery, the company said.

Founded in 1994 as Reva Electric Car Company, a joint venture between the Maini Group of Bangalore and AEV LLC of USA, the Mahindra Group acquired a amjority stake and renamed it Mahindra Reva Electric Vehicles Pvt. Ltd.in May 2010.

The Reva electric vehicle was launched in Bangalore in 2001 and in London in 2004, (latter under the G-Wiz brand).

In September 2009, at the Frankfurt Auto Show, the company had unveiled two new cars, the four-seat REVA NXR and the two-seat REVA NXG.