Reva’s first entree into electric car, the REVA, was priced at $6,100-$8,000 in India after government subsidies.
In the US, Reva plans to roll the first plug-in electric vehicles off the assembly line in the summer of 2010. Bannon Automotive, based in Freeport, NY, will actually manufacture the cars. Bannon was founded about a year ago to make affordable EVs in the US. They plan to reuse an existing facility, rather than build a new one.
The cars are expected to retail for $15,000 – $25,000, depending on the battery package. A vehicle with lead acid batteries would cost the least but would only reach top speeds of 50-60 mph. A vehicle with lithium-ion batteries would be able to go 80-100 miles on a charge and would cost the most.
First, Reva plans to make a family car, a 4-seater hatchback, to be followed by a sporty 2-seater in 2011.
Reva chose NY State because of its strong manufacturing workforce and about $7 million in incentives, including start-up technical assistance, grants and deferred property taxes.
The Syracuse area has been positioning itself as a leader in the cleantech space for many years and now boasts battery manufacturers, green building manufacturers and biofuel companies, in addition to a major research center opening this year. Destiny USA, a huge green mall, is also locating there.
Reva is the result of a joint venture of India-based Maini Group and California-based AEV, and is backed by venture capital firms Global Environment Fund, Draper Fisher Jurvetson and others.
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