Mahindra buys 55% stake in Reva, renames it as Mahindra Reva

     Mahindra & Mahindra have bought 55.2% controlling stake in Bangalore based Reva Electric Car Company and has renamed it as Mahindra Reva Electric Vehicle Company.

     Mahindra Reva will continue the production of Reva electric cars and hopefully sell it through the Mahindra’s existing dealership network. The EV technology will slowly be incorporated in the entire range of Mahindra vehicle in the coming years.

     Reva had collaborated with GM to provide EV technology for its small cars. GM had showed its electric small car concept eSpark at this year Auto Expo which was slated for December launch. However with the Mahindra buyout, GM is expected to back out from the venture.
Press release:
Mahindra enters high growth electric car segment; acquires majority stake in REVA

• Mahindra to have 55.2% equity in REVA Electric Car Company (REVA).

• Company to be renamed Mahindra REVA Electric Vehicle Company (Mahindra REVA)

• Mahindra REVA to leverage Mahindra’s vehicle development expertise

• Mahindra REVA electric technology to be deployed in Mahindra vehicles

• Dr Pawan Goenka elected Chairman of the newly constituted board

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