Mahindra has announced to launch its own 4-seater electric car in India by 2010. It first plans to launch the vehicle in India and then cater to the overseas market demands. "We plan to launch the product in the country first and mature in the segment before venturing into foreign markets. We want to be prepared for the market and don’t want to be caught unawares,” said M&M official.
In the world of rising fuel prices, there has been a considerable rise in the demand for fuel efficient vehicles or vehicles with alternative resources. This has made auto makers take notice of the new emerging market in the country. Tata Motors has also announced to launch its own electric vehicle along with car that runs on compressed air. Contrary to M&M plans, it first plans to launch the car in Norway and then bring it subsequently to the Indian market.
Currently, Reva is the only electric vehicle in India but it is a 2-seater car. Mahindra is aiming to develop a 4-seater car based on electricity as its fuel resource. REcan currently sells at Rs. 3.5 lakh in Bangalore and Rs. 2.9 lakh onwards in New Delhi.
