Reva to launch two new cars by 2011

Upbeat on demand for electric cars, Bangalore-based Reva Electric Car Company will launch two new models globally by early 2011.

The company today said its new plant at Bangalore would go on stream next year and achieve full capacity utilisation of 30,000 units within three years.

"We will be launching our Reva NXR during the first quarter of 2010 and the Reva NXG in early 2011. The launches will be held simultaneously in India as well as the overseas markets," Reva Electric Car Company Deputy Chairman and CTO Chetan Maini told reporters here.

The two cars were showcased during the Frankfurt Auto Fair earlier this month.

Maini said the company expects a substantial share of sales to come from the overseas markets for the two cars.

"At least 40-50 per cent of the sales would be from export. The new cars would be manufactured at our coming plant in Bangalore," he added.

The plant, which is Reva's second facility, would have a total capacity of 30,000 units and it would be solar powered.

"It will go on stream in 2010 and we expect to reach full capacity in three years," he said.

Reva's existing plant at Bangalore has an annual capacity of 6,000 units.

On the company's growth prospects, Maini said: "We are very bullish, with two new launches planned in next year and half and our new facility soon to go on-stream."

Reva had sold 650 units in 2008, almost half of which was from the overseas markets. The company currently has two cars in the market -- Reva I and Reva LION.

In the last eight years of its commercial operation, the company has sold over 3,000 units across the globe.