Nissan ,General Motors, Mitsubishi, are just some of the major automakers trying to get the electric vehicle equation right.Now an Indian based company, Reva Electric Car Company ( RECC ) , has come out with an electric vehicle design that has gained global acceptance.The model, Reva has a fuel economy of 1 cent /kilometer and is capable of traveling 80 km on a single charge , with a top speed of 80kmph. Although only 2,500 models have been sold since 2001, Reva is arguably the world’s largest selling EV.In another demonstration of the feasibility of Reva’s technology, RECC has received $20 million from the Global Environment Fund that invests in business capable of providing cost effective solutions to energy and environmental challenges.Emboldened by this fund grant RECC is now targeting at 30000 cars annually and anticipates bulk of demand from Europe.RECC is also available in 13 countries worldwide and has sold in excess of 1000 units in Britain alone, under the brand G-Wiz.In India too the Delhi government has provided a 29.5% subsidy to promote sale of Reva.
Indian technology is coming of age with the launch of globally competitive products such as the Reva.Recently Tata Motors created quite a ripple in the auto industry with the launch of the Nano, a mere $2500/car ,making it the cheapest car in the world.These events also signal that , considering Indian industry from the mere perspective of cost cutting by means of outsourcing would not augur well for sustainable competitive growth.
