The ambitious Indian vehicle builder Mahindra & Mahindra has entered the race to build a mass market electric vehicle by buying a majority interest in the REVA Electric Vehicle Company of Bangalore, India.
The new partnership, Mahindra REVA, will leverage Mahindra’s vehicle development expertise and open the door for REVA technology to be deployed in Mahnindra-designed vehicles, says the automaker, which has delayed its long-anticipated entry into the U.S. market as it finalizes work on a pair of light truck offerings.
“The buyout makes the Mahindra group a strong global player in the electric vehicle space,” said Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra, who will serve as the chairman of the Mahindra REVA board. The board will include five nominees from Mahindra & Mahindra, two from the Maini family, the founders of REVA, and one representative from REVA’s American partner. AEV LLC.