Mahindra launches REVA-i electric car in Hyderabad

One of the pioneers of electric vehicle technology in India, Mahindra Reva Electric Vehicles today announced that its REVAi vehicle will be available at select Mahindra dealerships in Hyderabad.

This is the new product introduction by M&M and Reva since the Mahindra Group acquired a 55.2 per cent controlling stake in the Bagalore-based electric cars maker in May 2010. (See: M&M acquires controlling stake in Reva)

''The electric vehicle market is poised to grow rapidly. Mahindra's extensive distribution network, coupled with our unique finance plan will help us make significant inroads into the local market,'' said R Chandramouli, chief of operations, Mahindra Reva.

The company has tied-up with Mahindra finance to offer customers a unique financing plan.

REVAi buyers can now pay an interest free, refundable deposit of Rs100,000, followed by monthly instalments of Rs8,999 for a period of 36 months (3 years) and drive home a REVAi.

At the end of three years, the customer can either continue using the car by making a final payment of Rs50,000 or return the car and claim the refundable deposit of Rs100,000, the company said in a statement.