Mahindra & Mahindra's first entry into the U.S. is likely to be this pickup, but it isn't saying what models will eventually go electric.
The ambitious Indian vehicle builder Mahindra & Mahindra has entered the race to build a mass market electric vehicle by buying a majority interest in the REVA Electric Vehicle Company of Bangalore, India.
The new partnership, Mahindra REVA, will leverage Mahindra’s vehicle development expertise and open the door for REVA technology to be deployed in Mahnindra-designed vehicles, says the automaker, which has delayed its long-anticipated entry into the U.S. market as it finalizes work on a pair of light truck offerings.
“The buyout makes the Mahindra group a strong global player in the electric vehicle space,” said Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra, who will serve as the chairman of the Mahindra REVA board. The board will include five nominees from Mahindra & Mahindra, two from the Maini family, the founders of REVA, and one representative from REVA’s American partner. AEV LLC.
REVA is currently marketing its products in 24 countries with an overall vehicle population of over 3500, arguably the largest battery-electric vehicle, or BEV, fleet globally. REVA premiered its next-generation electric car models, the NXR and NXG, at last year’s Frankfurt Auto Show.
Anand Mahindra the head of the Mahindra and Mahindra Group noted, “With issues such as climate change…taking center stage globally, eco-friendly transportation becomes the need of the hour. Mahindra already has an established sustainable mobility solutions program and our association with REVA will only help us further expand our green footprint both in India and overseas.”
Chetan Maini, Chief of Technology & Strategy, of the newly-formed Mahindra REVA suggested, “The EV market is poised to grow significantly and we concluded that in order to seize the opportunity we needed the resources and experience of a major automotive manufacturer.”
Mahindra’s move comes just as the electric vehicle market seems poised to move from niche to mainstream. Nissan CEO Carlos Ghosn this week revealed the Japanese maker has taken nearly 20,000 advance orders for the Leaf battery car, which goes on sale late this year. General Motors, meanwhile, intends to put its Chevrolet Volt on sale in November. And Ford, this week, announced plans to expand its electric vehicle program, which will be based in the Detroit suburbs. Ford’s first BEV will be a version of the Transit Connect van.