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R. Savitha

Pune , Jan. 23

INFUSION of funds from the US, introduction of new models, increasing distribution network and expanding the export market is what Reva Electric Car Company (RECC), manufacturer of the electric car Reva, has chalked out for itself for the next 12 months.

The company is a collaboration between the Maini Group and AEV LLC of the US.

Mr Chetan Maini, Deputy Chairman, Reva Electric, told Business Line that the company is in the second phase of evaluation of the new model. The final product with the new features would be ready in a few months.

The new model is being designed after receiving the feedback from the customers and would "surely have more speed and better performance as the key aspect," he said.

Mr Chetan said the company would be receiving funds to the tune of $15 million, which would be utilised to expand the distribution network, bring out new models and expand the production facility at Bangalore.

The production capacity is 6,000 units per annum and about 1,000 vehicles are already plying on the roads of Bangalore, Ahmedabad, Hyderabad, Chennai and Pune, since its launch in 2001. The vehicle is available in three variations, Standard, A/C and Classe. Mr Chetan said the company is planning to expand its distribution channel with the addition of its own showrooms.

He said the company, which recorded revenue in excess of Rs 10 crore for the year ended March 2004, is eyeing a turnover of over Rs 40 crore for the fiscal ending March 2006. Of this, about 50 per cent would be from exports.

Reva Electric, which received the EEC certificate for its electric vehicle in December 2003, has made its presence felt in the UK. Rechristened as G-Wiz for the UK market, 100 vehicles has been exported so far and another 100 more are on its way.

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