Utility vehicles major Mahindra & Mahindra (M&M) will launch electric version of its Verito sedan and Maxximo light utility vehicle by end of Q4 of current fiscal or early Q1 next fiscal. The company is currently carrying out pilot run of both vehicles in various cities, a top company official said.
“We started test run of Maxximo at Agra earlier this year and used four cars to ferry tourists to Agra from various places. Similarly, we started the pilot run of Verito from the World Environment Day and conducted pilot in many cities including Bengaluru. We will launch both the vehicles sometime in the next three months,” Arvind Mathew, chief executive officer, Mahindra Reva Electric Vehicles told FE.
Both these vehicles will be manufactured by Mahindra at its Nashik facility, while the electric power train will be supplied by Mahindra Reva Electric Vehicles from its Bengaluru facility. The company will import lithium battery packs from China, he said. This will be a major product launch by Mahindra Group following its acquisition of a majority stake in Reva Electric Car Company in May 2010.
He said with the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) scheme, which offered a subsidy for customers, there is a good response for electric vehicles. “We are hopeful it will give the much needed boost to sales of electric cars in the country. We will have more products from the stable of Mahindra in 2016, which we hope will help us increase our electric car sales as well,” Mathew said.
To promote eco-friendly vehicles, the government in April this year had launched the FAME India scheme offering incentives on electric and hybrid vehicles of up to R29,000 for bikes and R1.38 lakh for cars.
FAME India is a part of the National Electric Mobility Mission Plan, which includes a support package of R795 crore in the first two financial years starting with FY16.
Mathew said Mahindra Reva has seen good response from customers across the country since the launch of FAME Scheme and there has been demand from customers for extension of the scheme in other cities. Currently, Mahindra Reva sells its electric car – e20 – in eight cities and it plans to more than double the sales network in 2016. “We are working with various state governments to extend their individual subsidy or incentive scheme on electric vehicles,” he said.