The Automobile Sector is encountering more and more electric vehicle being introduced from almost every manufacturer and apart from manufacturing, investing in Electric Vehicle development is another feasible option.
REVA the first car brand to launch an electric car is in talks with SUV major Mahindra & Mahindra for a deal which would let the latter to buy at least 51% stakes of the former car brand. Reva never did much with its cars in the Indian Market since at the time of their launch electric vehicles were in their infantry stages and were less efficient.
Now after the approval by General Motors to supply technology and with Mahindra’s growing inclination towards investing in REVA with a whopping amount of over 100 Crores, the brand seems to be getting some support. US based Global Environment Fund and Draper Fisher Jurvetson are the present stake holders with an investment of nearly $25 Million and are speculated to leave the brand by selling their share to Mahindra.
News is also coming that Mahindra & Mahindra’s team made a visit to Reva’s Bangalore plant, regarding the deal. Maini Group and AEV LLC respectively, with their Joint Venture are responsible for the origination of Reva Electric Car Company and are planning to introduce 2 more models and manufacturing plants in other countries as well.
American company Bannon Auto already holds a tie-up with the firm to produce cars in the U.S and now with this deal coming up, we expect the brand to bring in some new and interesting products.