The company made its first bet on the electric vehicles business in 2010 when it bought into the Bengaluru-based electric car manufacturer Reva Electric Car Company
. Since then the company has been progressing in the E-field.
The Reva Electric Car company
was set up in 1994 and in 2010 the $16.7 billion Mahindra Group acquired a majority stake in the business.
Founded in 1994 as the Reva Electric Car Company
, the company was a joint venture between the Maini Group of Bangalore and AEV LLC of USA.
The REVAi was developed by the Reva Electric Car Company
promoted by Chetan Maini and is now renamed as MREV after Mahindra and Mahindra picked up a majority stake in the Reva Electric Car Company
This is the first launch by Mahindra and Mahindra after it acquired Reva Electric Car Company
three years ago in 2010.
It was mentioned in the report that in May 2010, GM exited its partnership with Reva Electric Car Company
, after domestic automaker Mahindra & Mahindra bought 55.2 per cent stake in Reva.
M&M recently acquired a majority stake in Reva Electric Car Company
, which has developed proprietary technology to manufacture electric cars.
Earlier this week, it bought a majority stake in maker of electrical cars Reva Electric Car Company
for an undisclosed sum, giving it a foothold in the small but growing electric vehicles industry which is attracting global majors such as General Motors GM.UL and Toyota (7203.T).
Contact: Reva Electric Car Company
Indian news site Sify.com recently reported that electric vehicle manufacturer Reva Electric Car Company
, Pvt, Ltd.
"It's a city car but it's very well suited to Indian roads," said Tillerten-born Paul Schweizer, a consultant for the Reva Electric Car Company
in the southern city of Bangalore.
The vehicle is developed by Reva Electric Car Company
, and will replace the present REVAi.