Mahindra Introduces New Electric Vehicle - Wall Street Journal (India)

By ANIRBAN CHOWDHURY MUMBAI--Mahindra & Mahindra Ltd. Monday introduced a new electric vehicle, e2o, in a bid to expand into the hybrid-vehicle segment which India's government is trying to boost though investments and tax breaks. The four-seater hatchback powered by a lithium ion battery is priced at 596,000 rupees (about $11,000) at showrooms in New Delhi. It replaces Mahindra's previous electric vehicle model, a two-seater called REVAi. Manan Vatsyayana/Agence France-Presse/Getty Images Newly introduced Mahindra e2o electric cars are displayed near the India Gate monument in New Delhi on March 18. Electric vehicles aren't popular in India due to lack of infrastructure and inadequate investment. But the government is trying to change that. Over the next five to six years, India plans to spend up to 138.50 billion rupees to boost the market for electric cars and plans to have about 5.0 million to 6.0 million of such vehicles--which includes two-wheelers, three-wheelers and small trucks apart from passenger cars--on the road. The government in its budget for the next fiscal year starting April 1 said lithium ion batteries, used by car manufacturers for electric vehicles, will be exempt from customs duty. The government also extended by two years the tax exemption on some spare parts of electric vehicles. Currently Toyota Motor Corp. sells the Prius hybrid sedan in India. A few years back Honda Motor Co. launched a hybrid version of its Civic sedan, but stopped manufacturing it soon after. Mahindra is introducing the car at a time when high fuel prices is one of the key reasons for denting demand for cars in India. Car sales are expected to decline this year for the fist time in more than a decade. The e2o is automated, can be charged on a household 15A power socket and can be driven more than 100 kilometers in one charge, the company said. via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEuA15jwwTL0DgEyQYmaEbmNlJVCQ&url=http://online.wsj.com/article/SB10001424127887323415304578368203552521148.html

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