GM and Reva Plan US, European Electric Car Ventures
Reva Electric Car Co., the Indian automaker developing an electric vehicle with General Motors Co., plans to set up four overseas automaking ventures that may be profitable building as few as 5,000 cars a year.
“Break-even could happen in 5,000 to 10,000 vehicles, which is unheard of in the automotive business,” Chetan Kumaar Maini, 39, deputy chairman and chief technology officer, said in an interview in New Delhi yesterday. The company will cut costs by using locally made components and manpower, he said.
The company intends to form ventures in the U.S., Europe, Southeast Asia and South America over the next few years, as rising oil prices and growing environmental concerns spur investment in alternative-energy vehicles. Automakers are set to introduce 42 electric models worldwide by 2012, according to an October study by PricewaterhouseCoopers LLP.
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