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Family-owned Reva Electric Car is building a new factory 25 miles (40 km) south of its Bangalore headquarters to mass-produce the Reva hatchback, a two-passenger city car priced at little over $12,000 that the company has been selling in India and Europe since 2001. When production...
So are the risks. Reva faces a growing list of potential competitors that plan to launch all-electric and plug-in hybrid vehicles over the next several years. GM's Chevy Volt is expected to debut in the U.S. in 2010; BMW says it will test-market an electric car...
But electric cars now on the drawing boards of established automakers are likely to cost more than $20,000, limiting their potential customer base to well-heeled drivers in wealthier countries. The sticker price of GM's Volt could be as high as $40,000.
The cars haven't exactly taken the world by storm. Reva - which has received venture capital from Draper Fisher Jurveston, the Global Environment Fund and Mellon HBV Master Global Event Drive Fund - has sold only 3,000 cars over the past eight years. Half of those have been exported to...
The Citroën factory opened in Vigo in 1958; by 2007, it was manufacturing 547,000 cars a year and had become the company's highest-producing plant in Europe. It was also the largest company in the region of Galicia, directly employing more than 10,000 locals. Those...