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October 29, 2009

"It's all coming together for Reva"

The New York Times has an article on electric car maker Reva.
Last month, the company won an important stamp of approval when General Motors said it would use Reva’s technology in the electric version of its Chevrolet Spark, a small car whose conventional gasoline version G.M. sells here already. The electric version of the Spark is expected to go on sale in India by the end of next year, according to G.M. officials.

...Mr. Maini said electric cars have to be small and affordable to succeed in places like India and Europe, where most car trips are short and involve stop-and-go driving, unlike in the United States where commuters can drive 50 miles or more a day, mostly on highways...In Europe, the higher-end model (of the NXR) will sell for about 15,000 euros, or $22,000, not including batteries, which the company will lease for a monthly fee.

...“I have been doing this for 15 years, and I have never seen everything come together like I have” now, said Mr. (Chetan) Maini, the 39-year-old vice chairman and chief technology officer of Reva. The company is jointly owned by his family; AEV L.L.C., a small technology company based near Los Angeles; and two venture capital firms.

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports. Email the author at arun@ventureintelligence.in