M&M to sell E20 in Seychelles, Bermuda | business | Hindustan Times
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M&M to sell E20 in Seychelles, Bermuda

business Updated: Jul 02, 2014 00:28 IST
Manu P Toms
Mahindra and Mahindra

Mahindra and Mahindra (M&M) will export its electric car E2O to other countries including Mauritius, Bermuda and Seychelles in the next few weeks as the battery-powered small car finds takers in the small island nations.

Mahindra Reva, the electric car arm of the $16.5-billion M&M group, had started export of E2O in late 2013 to Nepal and Bhutan, and is also eying Sri Lanka now.

“We are looking to expand our export markets,” said Chetan Maini, chief executive officer, Mahindra Reva.

The company is, meanwhile, working on an upgraded version of E2O to be launched in Europe. Maini said E2O will hit European market by early 2015. In Europe, the company plans to begin with the UK and later Norway, which is a big market for battery-powered cars.

The company hopes E2O will have huge price advantage when compared to models from other manufacturers including Tesla, Nissan, Mercedes Benz and Renault in the European market.

Reva, which launched E2O in March 2013, is working on multiple variants besides electric versions of Mahindra’s utility vehicles and vans.

The company sold only 600 units of E2O since its launch as sales did not gain traction in the domestic market in the absence of subsidy for electric vehicles. Electric vehicles, worldwide, depend on government incentives for their energy efficiency and eco-friendliness.

After the government withdrew Rs 1 lakh subsidy, customers find the E2O, at Rs 6.5 lakh, too expensive. The Centre is still working out details of electric vehicle subsidies.