Published: May 28, 2010 at 4:35 PM
ArticlePhotosListenComments.Share NEW DELHI, May 28 (UPI) -- One of India's largest utility companies has bought a controlling stake of 55.2 percent in electric car maker Reva, the Financial Express reported Friday.
The purchase by Mahindra and Mahindra, represents an optimistic view of India's domestic automobile market, as domestic car ownership is less than 10 for every 1,000 citizens.
A senior official of apex auto body Society of Indian Automobile Manufacturers Association, speaking off the record, said that there is currently a small domestic market for electric cars in India, observing: "Customers first look for value for money. As electric batteries are very expensive, costs of the vehicle also shoot up."
PricewaterhouseCoopers India automobile analyst Abdul Majeed was more optimistic, noting: "Just like we have petrol/diesel pumps across the country, charging stations also have to come up for electric vehicles. The current generation is a lot more sensitized about the environment than previous ones. In the years ahead, the electric form of vehicles will become a lot more popular. We are already seeing the trend globally."
