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Industry News
Company NewsMahindra to Buy Stake in Electric Car CompanyOne of India’s largest automakers, Mahindra & Mahindra, said Wednesday that it would acquire a controlling stake in Reva, an electric car maker in Bangalore that has been looking for partners to invest in its technology, The New York Times’s Vikas Bajaj reported.Mahindra, which makes tractors, sport utility vehicles and trucks, said it would acquire 55.2 percent of the Reva Electric Car Company by buying shares from the founders for an undisclosed price and by investing 450 million rupees, or $10 million, in the company. Reva has sold about 3,500 electric cars around the world, more than any other company but still a relatively small number. The company has struggled to win over customers to its tiny two-seater car, known in India as the Reva-i and in Britain as the G-Wiz. Some critics have described the car as a glorified golf cart.Mahindra’s ability to make products for the mass market and its considerable financial reserves should help bolster Reva as it develops a new model, the NXR, which the company said would seat four and be able to travel 100 miles on a charge.
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