Mahindra Reva Electric Vehicles Private Limited (MREVPL), an arm of Mahindra and Mahindra Limited (M&M), is working towards the media build up and promotional strategies of its upcoming brand new Electric Vehicle (EV). Christened as E2O(e-two-oh), the new EV is expected to hit M&M showrooms by the end of November 2012.
Reportedly, it is the Reva NXR that has been renamed as E2O, so as to give the vehicle a slightly more Mahindra touch. The E2O is MREVPL's first product to have been assembled at its new state-of-the-art eco-friendly facility in Bangalore and is expected to carve a new benchmark in the Indian EV market, which is nothing short of non existent at present. It has been revealed that the company has put in around Rs. 2,500 crore in its Bangalore based EV production unit till now.
The upcoming E2O EV is anticipated to house a close to 40 bhp capable motor powered by 48 Volt compact Lithium ion (Li-ion) batteries, which are more economical than the higher end and the much more expensive Lead acid batteries. Accordingly, MREVPL seems to have been insistent in bringing down the net cost of its new EV, thereby enabling it to compete against the likes of conventional petrol or diesel run hatchbacks in the Indian passenger car market.
The pricing is going to play a huge part in deciding the fate of E2O in the country. Top industry boffins are expecting the new EV to come with a price tag close to Rs. 5 or 6 lacs for the Li-ion variant, while around Rs. 10 lacs for the model powered by Lead Acid batteries, in case the company introduces one.
The launch of E2O is expected to change the Indian sentiments regarding the EVs as an unreliable, unsafe, inefficient, expensive vehicles and incapable towards catering to the needs and requirements of the domestic consumers. In contrast, the upcoming MREVPL product boasts off being a reliable, efficient and safe car, besides requiring lesser maintenance as compared to normal conventional petrol-diesel run hatchbacks.
The EV production is shifting gradually towards being a more commercially viable sector in the country, with the Indian government supporting every move towards development of unconventional research and options.
Interestingly, Pawan Goenka, President, Automotive division and Farm Equipment Sector (FES) division, M&M, believes that wide scale usage and a project concerning assembling of electric vehicles makes financial sense. According to Goenka, the manufacturing costs of EVs require less capital investment than the conventional automobiles, as making cars with Internal Combustion (IC) engines are much more expensive than its electric counterparts. Further, the investment towards building a new plant with an annual yield of 6,000 EVs is considerably less than that of a traditional unit with the same capacity.