Mahindra & Mahindra (M&M), India’s leading producer of SUVs, recently purchased a 55% stake in electric vehicle producer Reva.  Maini Group will have a 31% and AEV LLC of California, the joint venture partner, will have 11% stake.  The deal included a $10 million cash infusion for Reva, which has produced 3,500 electric vehicles to date. According to reports, 400 vehicles were sold last year mainly in Britain, Germany and Spain.

M&M expects the Indian market for electric vehicles to grow substantially and by 2020 expect to be producing 50,000 electric vehicles annually.  Some of the new funds for Reva will be used to increase their current production capacity from 6,000 to 30,000 vehicles per year.  A consequence of this deal is that Reva’s work with GM to develop the electric mini Spark has been called off.  Learn more:  Vamban.com