Mahindra Reva Plans to Bring Low Price REVA EV to Europe

India’s Mahindra Reva is currently in the process of deciding wether to bring a low-priced lithium ion battery version of its REVA EV to the European market this year. Details of the new lower-priced lithium ion REVA will be revealed later this year.

The REVAi is currently sold in several European countries, most notably the UK, where the vehicle is known as the G-Wiz and marketed through the UK distributor, GoinGreen. London has achieved the reputation of being the EV capital of the world, with over 1,000 on the roads.

Furthermore, there are also expansion plans under consideration, such as expanding the company’s distribution channels in existing and new markets in Europe.

This comes after the significant growth registered by the developing EV market, in preparation for the introduction of new models in 2012.

‘We look forward to developing our relationships and distribution channels across Europe and are positive that we can fulfill demand for our forthcoming EVs,” stated Chief of operations at MREV, R. Chandramouli.

In January, MREV obtained a loan of $11 million from EXIM Bank towards research and development of existing and new models.

“Mahindra & Mahindra’s purchase of a majority stake in REVA in May 2010 has led to an expansion of REVA distribution outlets throughout India. MREV’s new state-of-the-art production facility in Bangalore should be operational by the end of the year and will have the capacity to produce current and forthcoming models, including the REVA NXR, in volumes that will cater to the growing demand for EVs,” a company statement reads.