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Mahindra Suspends EV Expansion Until Government Subsidy Arrives
Mahindra, the sole manufacturer of Reva e2o electric cars has decided it will not bring out any new electric vehicles till government aid arrives in the form of subsidy.
Mahindra Reva, part of M&M currently offers e2o electric city cars that was launched in March. The company had earlier revealed plans to launch electric versions of the Verito sedan and electric commercial vehicles including Maxximo and Gio. It has now made it clear that these new vehicles will not see the light of day in India until subsidy for electric vehicles is brought into effect by the government.
Just over 400 Reva e2o electric vehicles have been sold since its launch. And the sole culprit is the e2o's expensive price tag which exceeds the INR 8 lakh mark on road in most states. "If subsidy doesn't happen, probably the e2o will be the only product that we will have in India," says Dr Goenka. president, automotive and farm equipment, M&M.
Also Read: Mahindra Reva Formula E Entry Plans
The electric Maximmo and Gio mini cargo trucks will be production ready by early 2014 and the Verito electric by mid 2014. But their launch will be held back until the government implements its plan to support growth of electric vehicles in India under which it seeks to get about 7 million electric and hybrid vehicles plying on Indian by 2020.
Meanwhile, Mahindra's only chance of selling any decent number of e2o EVs is through exports. The U.K has always been a promising market for M&M's electric vehicles, along with another European country Norway. The e2o is already sold in Nepal and it will be expanded to other neighbouring countries.