Reva to enter overseas markets with new models

Reva Electric Car Company on Thursday is planning to launch its cars in 10 new overseas markets, including France and Brazil, by the end of the year. The company is currently test marketing the car in these countries.

Betting big on eco-friendly vehicles, Reva is also setting up its second plant in Karnataka, in Bangalore, with an annual production capacity of 30,000 units.

The new 18,212 sq m production facility is being built in accordance with green principles based on the benchmark Leadership in Energy and Environmental Design (LEED) building rating system standard.

Reva, the country's first electric car, aims to sell about 4,000 units per year by 2010, besides rolling out a new version of the car with a lithium ion battery by May. 

Reva fitted with Lithium ion battery will run 120 km in a single charge and will have a three year full warranty on the battery.

The new model will, however, cost almost double the price of the existing model and the company said it is looking at a financing mechanism for customers so that they can pay monthly installment for the battery.