Mahindra Reva Electric Vehicles Private Limited (MREVPL), the sole Electric Vehicle (EV) maker in the Indian market, is expected to price its upcoming EV Reva NXR at 20 percent higher than its traditional petrol run counterparts. The excess price will put the Reva NXR in a direct face off with the likes of diesel model of Maruti Suzuki Swift and Hyundai i20 hatchbacks among others. Additionally, the upcoming car is a four-seater vehicle and can achieve a top-speed of 100 kmph.
Expressing his views on the pricing of Reva NXR, Pawan Goenka, President, Automotive, Mahindra and Mahindra (M&M), said, “For the success of electric cars, affordability is the key. And we have learnt that the customer may not be able to pay more than 15-20% premium on electric cars. Our endeavour is to offer our products within that range. The extension of subsidy through new electric vehicle policy will be the key.”
Goenka further added that initial investment in electric vehicles may be high but in the long run the excess money will be easily recovered as the cost of driving an EV is just 50-60 paise per km, while the conventional diesel and petrol vehicles cost Rs. 3-4 and Rs. 5-6, respectively.
Goenka also said, “Once the mission plan is implemented, everyone will get into the electric vehicle space, which will help in development of charging infrastructure as well. If we get a good response for NXR, we may come out with three to four more products.”
Ministry of Heavy Industries has devised a scheme called 'National Mission for Electric & Hybrid Mobility', wherein the Indian government will invest a sum of Rs. 23,000 crore for its support and development over a period of eight years. The ministry projects some 6-7 million EVs in the country comprising mostly two-wheelers and buses. According to Economic Times, the government will subsidise the passenger cars with an amount of Rs. 1 lac, in order to make the cars to cost easier on the pockets of the common man.
MREVPL is expecting top sell 15,000 units of the car over next three years in the domestic market while 15,000 units will be up for exports. The company has already installed over 100 charging points in Delhi and Bangalore while 300-500 stations are to be built over next few years.
