Reva Seeks Sops To Cut Electric Car Cost By 8%

The makers of India's first electric car --Reva --plan to cut its price by around 8 per cent once the Centre extends sops to its manufacturer, and in a unique sales promotion, the car is expected to be offered on lease to customers.

Reva Electric Car Company (Pvt) Ltd managing director Chetan Maini said the company plans to launch a few more models with more seats in a year.

"This will require more investments," Maini said. Reva has already invested around Rs 80 crore in the venture. On road, the car will cost around Rs 2,49,500.

"The price may look steep, but its running cost is much cheaper," Maini said.

 

Maini said Reva is examining several options under the car financing scheme. "We want to make it extremely affordable for customers so that their monthly bill, compared with what they pay now for other vehicles, comes down," Maini said.

He said the company hopes to break even by selling around 3,000 vehicles, adding that the company has been receiving enquiries from foreign countries for around $700 each. Reva is a joint venture with the US-based AEVT, which holds a 33 per cent stake.

Maini Group chairman Sudarshan Maini said nearly 90 per cent of the car has been indigenised. The gearless Reva is a rugged two-door hatchback which can seat two adults and two children.

It has a running cost of 40 paise per kilometer and its battery has a life of 40,000 kms which should last 3 to 4 years with city driving.

The car gives 80 kms on a single drive and can be charged anywhere using only a 220 volt, 15 amp power source. After every 80 kms, the battery needs to be charged for eight hours.

Reva's key technologies include, steel space frame, energy management system that adopts proprietary technology and the motor controller which has been developed in collaboration with Curtis, leaders in motor controllers for electric vehicle application.