World’s largest electric carmaker Reva Motors, now owned by Mahindra & Mahindra (M&M ), plans to enter China, hoping to cash in on a rising demand for ecofriendly cars as government push for stricter emission norms globally.
China is one of the largest auto market and given the huge demand for eco-friendly vehicles it could generate in future. China, which sold 13 million vehicles last year, plans to sell 5 million electric cars by 2020. Reva currently ships cars to its electric vehicle (EV) markets such as the UK and Norway.
M&M bought a controlling stake in Reva Electric Car in May this year, placing it in a position to capitalise on the scorching pace at which electric vehicle market is expected to grow in the next decade.
China plans to establish an electric charging network across its major cities to cater for such new energy vehicles. “The recent change in technologies would help Mahindra to cater to the wider need of global markets.
Reva has sold only 3,500 cars in 24 countries as lack of battery charging networks hindering its prospects.