Word: electricizers
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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.
But Reva officials say they are improving their cars and plan to sell 8,000 vehicles next year after the new factory opens. In May, the company began equipping Revas with more-powerful lithium-ion batteries that increase range to 75 miles (120 km). A new model with sportier looks...
Despite Reva's relatively low cost, consumers may not be convinced, especially in India, that the car can compete against similarly priced gasoline-powered family sedans. "Reva is yet to hit the price-performance equation," says Mohit Arora, senior director for India for J.D. Power market research. According to Pawan...