Mahindra & Mahindra Limited, one of the country's leading auto makers, has revealed intentions to launch an electric version of its Verito sedan in the domestic market within the next 12 months. The company has decided to expand its footprint in the electric vehicle segment, after launching the battery powered e2o small car on March 18, 2013.
In an interaction with reporters at the sidelines of the CII Annual General Meeting (AGM) held in New Delhi, Pawan Goenka, President, Automotive Division and Farm Equipment Sector (FES), Mahindra & Mahindra Limited, was quoted as saying, “We will be using the electric vehicle technology to some of our existing products. We are almost ready with the electric Gio and Maxximo, while we have also developed a prototype for the electric Verito.”
Speaking his mind on the upcoming electric version of the Verito entry level sedan, Goenka quoted, “The prototype is ready. Verito is a heavier car than the e2o. There has to be adjustment and optimisation of the technology, and we will be ready to launch it in a year's time.”
As per reports, Mahindra & Mahindra has set aside an investment of Rs. 150 crore, in order to develop electric models of Gio, Maxximo and Verito. Further, the company has already assembled a fleet of 50 electric Maxximo units waiting to be launched commercially. Mahindra & Mahindra has decided to assess first the response received by the e2o model before introducing the electric Maxximo in the country.
The Mahindra e2o small car was launched amid immense media hype and interest in the country last month. However, initial booking figures of the e2o electric hatch are not up to the expectations. Goenka has also affirmed that the conversion to buying rate is lower than expected.