Buoyed by public interest in itselectric car e2o, Mahindra & Mahindra today said it will launch the electric version of its entry-level sedan Verito within a year.
The company is investing about Rs 150 crore to develop electric versions of its three existing vehicles -- Gio, Maxximo and Verito.
"We will be using the electric vehicle technology to some of our existing products. We are almost ready with the electric Gio and Maxximo, while we have also developed a prototype for the electric Verito," M&M President (Automotive and Farm Equipment Sectors) Pawan Goenka told PTI on the sidelines of CII AGM here.
The company has kept a fleet of 50 electric Maxximos ready and these will be launched commercially after assessing the response to the e2o, he added.
Commenting on the electric Verito, Goenka said: "The prototype is ready. Verito is a heavier car than the e2o.
There has to be adjustment and optimisation of the technology, and we will be ready to launch it in a year's time." Talking about the e2o, he said that the car has been able to generate a lot of interest and queries, but the conversion to buying is lower than expected.
He, however, hoped that more state will follow example of Delhi in providing subsidy to promote electric vehicles.
Goenka also said the company is confident of selling about 400-500 units of e2o per month in the domestic market.
On the export front, he said: "M&M has got enquiries from Europe, mainly the Scandinavian countries, for e2o. In another 8-9 month's time, we will start exporting it to Europe. We see the Northern Europe as a primary market for e2o." The company is expecting equal contribution in sales of e2o from both domestic and export markets, he added.
Last month, M&M had launched its first electric car e2o priced at Rs 5.96 lakh (on road Delhi, after state subsidy), almost three years after it acquired Bangalore-based electric car maker Reva.
In Delhi, the state government has given a total of 29 per cent subsidy on sale of electric car.
The Mumbai-based firm had also said it plans to extend the electric mobility technology to its two-wheelers, while seeking support from the central government for pushing eco-friendly vehicles.