Why did Maini give control of Reva Motors to M&M

The early part of Chetan Maini’s rise as India’s fabled electric-car maker was supported, in part, by two companies – Detroit’s General Motors and Silicon Valley VC fund Draper Fisher Jurvetson (DFJ).

As a mechanical engineering student at the University of Michigan in 1991, Maini led a team in a competition to build a solar-powered car. Maini won the top prize that was sponsored by GM. That opened the doors for him to visit GM’s car plants during his vacations and learn commercial car making.

Almost two decades later, he met GM India’s president and managing director Karl Slym at Bangalore’s Cubbon park, took him for a spin in a Chevrolet Spark that had been fitted with Reva’s electric power train, and clinched a strategic alliance. The tie-up, the first in which an Indian company would provide technology to one of America’s largest car makers, forced the world to take note of Maini.

Similarly, Maini has known legendary Silicon Valley VC Tim Draper, from his youth. He had made an enthusiastic pitch for an investment from DFJ in his early days as an entrepreneur. At that time, Draper, whose grandfather was the Valley’s first venture capitalist, had already invested in and profited from legendary companies like Hotmail, and Skype. Draper didn’t invest in Reva right away.
Maini went ahead and floated Reva in the mid-nineties and launched the first electric car by the same name in 2001, but he needed more capital to grow. In late 2006, Draper, along with the Global Environment Fund, eventually invested $20 million in Reva Motors in late 2006. That took Reva to the top gear.

But now, Maini has lost ties with both his key supporters and has given up control of the company that he so passionately and doggedly built. He will remain on its rolls, as its technology and strategy head and also be on the board of the new joint venture Mahindra Reva, where the Maini family will have two seats. But why did Maini sell out to M&M? And, what role will he find in the new scheme of things in the Mahindra world?

Twenty-four hours after going public with the deal, Maini is sitting at Reva’s factory, a little distance away from Electronics City in South Bangalore. The trigger for the sale, he says, was the recent dramatic developments seen in the electric vehicle (EV) space.

“The business gain I have seen in the past one year is much more than what I have seen in the past 15.” Maini first started noticing the changes at the many EV conferences he would attend. He saw Warren Buffet invest $200 million in an EV company. He saw global majors Bosch and Samsung invest in developing batteries for electric cars for the first time ever. General Motors, pumped in millions to ensure that its EV Volt hit the market as planned, even though its finances were in a desperate state. “At Copenhagen, I saw every CEO making sure that he was driving an electric car,” recalls Maini.
Maini believes the game is now changing. The days of surviving as an innovative, niche and entrepreneurial company or even as a VC-funded firm are over. EV is now mainstream and it is now a space where only big companies could survive. “I didn’t want to have a long-term (capital) limitation,” he says.

He started looking for a big brother who could take Reva to the next level. Reva and M&M have had explored alliance possibilities several times in the past few years. The Maini and the Mahindra families have a warm relationship spanning two generations. “We have been looking at the possibility of doing things at a technology level for several years. But this never took off,” recalls Maini. Things started to move late last year when Anand Mahindra started looking at the EV space.

Six months ago Pawan Goenka, M&M’s president, automotive sector, first saw the NXG, the new electric hatchback from the Reva stable, and he was impressed. The initial conversations were around licensing Reva technology for M&M vehicles. But soon they started talking the buyout language. A few months later, Maini and his elder brother Sandeep met Anand Mahindra. The deal was pretty much closed in that meeting. “The comfort level I got from Anand and his vision helped me get over the emotional hump,” Maini recalls.

But this new alliance came at the expense of two old, and equally cherished relationships.

Hours after Maini and M&M’s Goenka announced the deal to the world, GM India snapped all ties with Reva. “With M&M buying into Reva, we see no particular value in the partnership,” GM India president and MD Karl Slym told the media.Earlier, GM was working overtime to roll out the electric Chevrolet Spark, powered by Reva technology, by the year-end. It was testing 15 prototypes of the EV Spark. Slym has terminated these tests with immediate effect. “We will develop the technology on our own. We will use all options to develop electric cars including our Chinese joint-venture partner SAIC,” he said.

Both GM and Reva have invested a significant amount of time, energy and resources in each other. Maini is distraught at GM’s decision. “We (him and Slym) have a very good relationship. We would like to keep this relationship,” he says hopefully. “We were anyway talking to several partners in the technology licensing space. I don’t think this (the M&M deal) would have hurt anything. But I can’t comment on their decision. All I can say is that we respect it,” he adds.

Multiple partners are fairly common in the automotive industry, even more so in the EV space. Maini points out that a lot of partnerships have been formed in the past six months — Tesla and Toyota, Tesla and Mercedes, Suzuki, Mitsubishi — they are all looking at EV technology. They are all non-exclusive partnerships, Maini argues.

This is not the only relationship that he has lost.
Late last year, as Maini began noticing the big changes in the EV space, he realised that Reva will need a lot of capital going forward. He felt that DFJ and Global Environment Fund, his existing investors, may not be able to come up with that kind of money. Getting newer investors would only mean incremental fund infusion. He wanted to make exponential progress. In January this year, Maini took a fairly large loan to buy back the equity holding DFJ and the Global Environment Fund had invested in Reva. The value of this deal has not been disclosed. This equity holding has now been sold to M&M, which will also infuse Rs 45 crore or around $10 million as fresh equity investment. This will give M&M a 55.2% stake in Reva. Maini maintains that the promoter family which owns a 31% share in the new company has not profited from this transaction.

Such instances, where a promoter buys back the investments made by an investor are a rarity. When such buybacks do happen, it is often because of differences between the promoter and the investor.

“We were looking at a larger PE (private equity) fund or a strategic partner. And both of those or either would have wanted a substantial equity holding. So we decided to buy back the existing investors... it was good for all three of us. It may not make sense to you as an outsider,” Maini said in defense of his decision to take a loan to buy out existing investors.

Maini dismisses speculation that he had differences with his investors and insists that he still has a great relationship with DFJ. The Silicon-Valley fund did not respond to repeated phone calls and did not reply to a detailed email questionnaire sent by ET. “I am not aware of any funding issues Reva may have had with DFJ. We stepped in because we thought it was right,” said Mr Goenka.

M&M knows what it takes to acquire entrepreneur-led companies and to take them to the next level. In 2004, it acquired 51% stake in one such firm — Rajkot-based gear manufacturing company — SAR Transmission. “This is nothing new to us,” says Goenka. “M&M always retains the entrepreneurial vision and spirit and also most of the employees. We never force M&M on the new company,” he adds. M&M will also infuse funds that will help Reva scale up capacity ten times in the next five years, Goenka said.

Sulajja F Motwani, managing director, Kinetic Motors, concurs. “Anand and I are good friends,” says Ms Motwani. She sold the two-wheeler business of Kinetic Motors to M&M in November 2008. “The transition process has been smooth. There have been no conflicts of interests. The R&D and the operating team still functions from the Kinetic campus,” she adds.

After Kinetic sold the two-wheeler assets to M&M, a new company was formed and the Kinetic group retains 20% stake in it, just like the Mainis will retain 31% in Reva. “We were clear that we did not want to be involved in the day-to-day management of the company and did not want to report to another management,” she adds. Post M&M’s entry, the two wheeler business volumes have grown to an average 10,000 to 12,000 units a month from as low as 2000-3000.
Maini will now walk the road Sulajja has just travelled. It won’t be easy. He has been very hands on in running Reva, not just in the board room but also in the shop floor. He would often spend time at the factory working on the cars there. “My wife hated it that I’d go back and throw my ruined shirt because I forgot to wear a jacket while working on a car,” he recalls. Even though his designation is vice chairman and CTO, Maini admits he was running the business on a day-to-day basis. That won’t be the case anymore. It’s over to the Mahindras now.

General Motors ended partnership with Indian electric car company Reva

Some statements

GM India vice-president P Balendran Statement

GM India vice-president P Balendran has expressed that they may not continue with the Spark E program with Reva after the development and may pursue their own electric vehicle program.

M&M president Pawan Goenka

M&M president Pawan Goenka expressed that GM can their own decision and they have no problem with GM continuing with the partnership with Reva

Reva Chandramouli, president of sales statements

R Chandramouli, president of sales and marketing, Reva, “The GM project is important and we are open to licensing agreement with the company. But all depends on what they want

At last General Motors has ended a partnership with Indian firm Reva to produce electric cars and will now develop the vehicle in its home town of Detroit, the head of its Indian operations said on Thursday.

The announcement follows Mahindra & Mahindra's deal on Wednesday to acquire a 55 percent stake in Reva Electric Car Company.

GM India, which had originally planned to launch an electric version of the Chevrolet Spark, will now showcase the hybrid electric vehicle Chevrolet Volt in the fourth quarter of 2010, after its global launch in November, Karl Slym said. He did not give a time frame for the introduction of full-fledged electric vehicles in the Indian market. Slym said the decision to end the agreement with Reva was taken around two months ago as GM had a parallel programme to develop electric vehicles globally.

Now Reva Became Mahindra REVA Electric car Company

(From Left – Right) Mr. Rajesh Jejurikar, Chief Executive, Automotive Sector, Mahindra & Mahindra, Mr. Chetan Maini, Chief of Technology & Strategy, of the newly formed Mahindra REVA, Dr. Pawan Goenka, President (Automotive & Farm Equipment Sectors), Mahindra & Mahindra, Mr. Sandeep Maini-Reva, Mr. Parthasarathy, Group CIO, EVP-Finance & M&A Member of Group Executive Board, Mahindra & Mahindra.

High lights:

  • Mahindra to have 55.2% equity in REVA Electric Car Company (REVA).
  • Company to be renamed Mahindra REVA Electric Vehicle Company (Mahindra REVA)
  • Mahindra REVA to leverage Mahindra’s vehicle development expertise
  • Mahindra REVA electric technology to be deployed in Mahindra vehicles
  • Dr Pawan Goenka elected Chairman of the newly constituted board

The planning has been executed and Mahindra has released an official press release about the acquisition of a majority stake in Reva Electric Car Company India. The new company will now be renamed as Mahindra Reva Electric Vehicle Company.

Mahindra & Mahindra Ltd. today strengthened its position in the Electric Vehicles domain with the acquisition of a majority stake in REVA Electric Car Co Ltd. Bangalore. REVA Electric Car Co Ltd. will be renamed Mahindra REVA Electric Vehicle Co Ltd. Under the new agreement which was signed today by both the companies, M&M will own 55.2% equity in Mahindra REVA by a combination of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crores (approx US $10 million) into the company. The buyout makes the Mahindra group a strong global player in the electric vehicle space.
Post the buyout, the Board of Mahindra REVA has been re-constituted under the chairmanship of Dr Pawan Goenka, President Automotive & Farm Equipment Sectors, Mahindra & Mahindra. The new board includes five nominees from Mahindra & Mahindra, two from the Maini family, and one from AEV LLC, California (co-founders of REVA). An independent director will be added to the board subsequently. Mr Chetan Maini will continue to play a leading role in Mahindra REVA as Chief of Technology & Strategy and will continue to be on the board.
Under its core Sustainable Mobility initiative, Mahindra has been working for the last 10 years on developing green technologies and has demonstrated diesel hybrid technology on the Scorpio and hydrogen Alfa three wheelers. Mahindra has a pilot fleet operating with 100% bio-diesel and was the first to launch micro-hybrid technology in India with around 50,000 such micro-hybrids on the road today. In EVs, over and above the electric three-wheeler Bijlee developed in 1999, it is also currently working on an electric version of its mini-truck, Maxximo. Mahindra REVA’s EV technology will be adapted for these and other M&M vehicles. Access to strong EV technology will strengthen Mahindra’s other current sustainability initiatives.
REVA is currently marketing its products in 24 countries across the world with an overall vehicle population of over 3500, arguably the largest EV fleet globally. REVA recently premiered its next generation electric car models, the NXR and NXG which received an enthusiastic response. Mahindra REVA will now have access to Mahindra’s vehicle development technology and distribution network, significantly enhancing its ability to launch a state-of-the-art electric vehicle for global markets.
Speaking on the acquisition, Mr Anand Mahindra, VC&MD, Mahindra & Mahindra said, “With issues such as climate change and carbon footprint taking centre stage globally, eco-friendly transportation becomes the need of the hour. Mahindra already has an established sustainable mobility solutions programme and our association with REVA will only help us further expand our green footprint both in India and overseas”.
Dr Pawan Goenka, President (Automotive & Farm Equipment Sectors), Mahindra & Mahindra and the newly elected Chairman of Mahindra REVA said, “This is a key strategic acquisition for Mahindra in its march towards sustainable mobility.  Mahindra and REVA bring together complementary strengths. With Mahindra’s vehicle engineering expertise, global distribution network, sourcing clout and financing support, REVA’s vehicles have the potential to significantly gain in market penetration. Mahindra will also benefit from REVA’s EV technology for its own products.”
Mr Chetan Maini, Chief of Technology & Strategy, of the newly formed Mahindra REVA mentioned, “The EV market is poised to grow significantly and we concluded that in order to seize the opportunity we needed the resources and experience of a major automotive manufacturer. In Mahindra we have found a company that not only shares our vision of principled and sustainable growth but one that also has a reputation for good corporate governance. As a result of Mahindra’s investment, Mahindra REVA will be able to scale, innovate and accelerate and so to deliver better products to more customers in more places”.

Ford told its Asian concept Start shows design agenda

Ford Car Company showed the Ford Start, a concept car for Asia, for the first time in North America Wednesday at the Ward's Auto Interiors Conference in Dearborn.
J Mays, Ford’s group vice president of design and chief creative officer, said the Ford Start minicar illustrates Ford's design priorities.
While Ford Car Company has not decided whether it will produce the Start, Mays said it is true to the Ford brand, is different from other cars in the Asian market and is meaningful to the customer.
"What we did ... was creating a car with warmth and charm and a car that you can bond with," Mays said.
The Start's three-prong steering wheel and analog-styled gauges keep it true to the Ford brand, Mays said. The car's fuel-efficient, turbocharged 1.0-liter Eco Boost engine provides meaning and value to consumers looking for top fuel economy. Those attributes would help the Start connect with the fast-changing tastes of young Chinese consumers.
Ford debuted the Start at the Beijing Auto Show in April. Mays said Ford's overall design goal is to create cars that are, at a minimum, fun to drive.
"People purchase products because they are prepared to spend part of their life with it," Mays said. "It is an emotional relationship."
Ford's design direction is a change from the recent past, Mays said, when some of the automaker's cars were criticized for bland styling.
"Five years ago, we were a commodity," Mays said.
That changed, Mays said, with the global adoption of Ford's European design language called kinetic design for almost all of its vehicles. Kinetic design, characterized by flowing lines, makes a car look like it is moving even when standing still.
Some of those cars design cues are on the redesigned Ford Taurus. They are more prevalent on the Ford Fiesta r subcompact car that goes on sale this summer, a redesigned Ford Focus compact car slated for production this year, and even the Ford Explorer SUV that is to be revealed this summer.
"If you look at the design language on the new Explorer you will see a connection ...with kinetic design," Mays said.
Mays said he strives to design cars that people fall in love with for their looks, value and reliability.
"Love is really what you are looking for," Mays said.

BYD claims $40,000 E6 passes all U.S. safety tests

Nearly everyone has been skeptical of the claims put forth by BYD  electric car from day one. From outrageous range estimates, to production dates that simply couldn't be met and prices that seemed far too low to be reasonable, there's been reason to doubt the company for some time. So with a bit of reluctance, here's the latest announcement from BYD's public relations manager, Du Guozhong, in which the automaker claims the company's E6 electric vehicle has passed all U.S. safety tests including battery-related assessments. We don't have any validation that points to actual test results, so needless to say, take BYD's claim with a bit of caution and a shaker full of salt.

The company also threw out a few more tidbits of information, including claims that BYD would like to bring the E6 to the U.S. at a target price of around $40,000. BYD hopes to have the E6 ready for U.S. consumption before the end of the year, though this seems doubtful. Again.

Electric Nissan Leaf to be victim of heavy dealer price gouging?

Nissan Leaf set the price of its upcoming electric car Leaf at an almost unbelievable $25,280 after incentives. The announcement pretty much shocked in the automobile industry and Nissan has stuck to it. Questions poured in almost immediately asking how Nissan could possibly price the electric Leaf so low. Others wondered if Nissan would lose money on each Nissan Leaf sold and some were even eager to know how much the battery pack cost to produce.

Well, Nissan has answered those questions, but one still remains: How can dealers be prevented from price gouging customers to guarantee that the price of an electric Nissan Leaf won't skyrocket as soon as it hits the lot? To this, Nissan has no answer. The company told GM-Volt.com that it releases a manufacturer's suggested retail price but has no control over individual dealer pricing.

So here's our question to you. Would you willingly pay over sticker price to be one of the first to own a Nissan Leaf or will dealer gouging immediately drive you away? Also, how much more is the  Nissan Leaf's zero-emissions status worth to you? Let us know what you think by leaving a comment below

Nissan Announces Pricing of its electric vehicle Leaf: 30,000 euros

Nissan has announced that the price of its Leaf electric vehicles, including lithium ion batteries, is about 30,000 euros in Europe, depending on each country's aid.
Nissan Announces Pricing of its electric vehicle Leaf: 30,000 euros Nissan notes that the price of its electric car will be less than 30,000 euros in most European countries in which market the Leaf, a price comparable to hybrid or diesel models in the same segment.
Nissan notes that the electric car has five seats and has a high equipment.
Leaf The electric car is equipped with air conditioning, satellite navigator, rear view camera, quick charging system for lithium battery and a system of connectivity through mobile phones. Vice President Marketing and Sales of Nissan Europe, Simon Thomas, explained that this electric car is "a pure electric vehicle, with no CO2 emissions and low maintenance costs."
Nissan led the industry by being the first vehicle manufacturer to create an affordable electric car. Leaf Nissan design is similar to a compact family car, "he added.
Nissan has set the final rates for its electric cars in several European countries. In the UK the Leaf electric car will cost 27 471 euros, while in Holland the price will be EUR 32 839 in Ireland will cost EUR 29 995 EUR 29 955 in Portugal. In other countries prices are announced at the time of its release. Spain still has not been priced.
Nissan has already made the reservation of more than 10,000 electric cars in the United States and Japan. In the United States and more than 6,600 customers who have booked the Leaf, and they have had to pay a fee of 99 dollars, which will guarantee its inclusion in the list of orders in August when the buying process begins .
To access the first priority booking period, which runs until May 15, customers must register online before 20 April. The aim of Nissan in the U.S. is getting 20 000 LEAF Nissan reserves until December, when the electric vehicle will be marketed this in selected markets.
In Japan, the number of reservation requests amounts to 3754 Leaf units, exceeding half the target for fiscal 2010. Individual customers in Japan are 64%, while business fleets are 36%.
The aim of the Renault-Nissan Alliance is a world leader in electric cars and so far the Alliance has signed cooperation agreements with more than 50 governments, municipalities and companies around the world.
Nissan will introduce its LEAF electric vehicle in Japan, USA and Europe (in the latter market data even without reservations) in December 2010 and in markets around the world in 2012.

Spain: www.nissan.es/
UK: www.nissan.co.uk / leaf Netherlands: www.nissan.nl / leaf Portugal: www.nissan.pt / leaf Ireland: www.nissan.ie/

Audi in German electric mobility platform

Chancellor Angela Merkel in Berlin on May 3 launched the 'National Platform Electric Mobility (NPE), which Audi actively participates. With this initiative Germany has set itself the goal to be a leader in the field of electric mobility. In this context took place in Berlin at the top level consultation between the government and representatives from industry and science. It also took Rupert Stadler, Chairman of Audi AG, part.
Audi puts a lot about the future of mobility. Around the turn of the Q5 hybrid will appear first Audi with a combination of gasoline and electric. A8 hybrid, with a CO ₂ emissions of 144 grams of a new standard in the class set, had its debut as a concept car in Geneva, like the A1 e-tron. Late 2012 Audi brings a small set of those e-tron on the market.
"Our customers will in future from an ever wider range of drive types to choose," said Rupert Stadler, Chairman of AUDI AG. "We will offer efficient TDI and FSI technology add electric drive, for any mobility demand an appropriate answer ready. This includes hybrid technology and in future fully electric cars. "In all this, the name e-tron an important role. Stadler, "Just as the name synonymous with four wheel drive quattro, Audi will e-Tron brand for E mobility."
In the application of alternative propulsion systems following the Audi strategy to any one model of technology and market-oriented and thus to the specific needs of clients.
"The hybrid as we have developed is primarily intended to reduce consumption. Like them, the plug-in hybrid prove useful in places where it is desirable for greater distances pure electric driving, with a combustion engine, "said Michael Dick, Chairman technical development at Audi AG.

The electric car proves itself especially in urban areas, where the regulation of emission-free driving will be more stringent," says Dick. Besides hybrids and electric cars also puts Audi on the fuel cell and hydrogen energy.
Audi invests around two billion euros in development. Central here is the further development of the internal combustion engine and related factors. Electric Mobility is also a priority.
Projecthaus email performance
Through a strategic combination of all activities in the form of "Projecthaus e-performance, Audi showcases everything around the theme of electric drive. Furthermore, there since the autumn of 2009 the same e-development project performance. This is a team of Audi engineers and scientists from various universities to develop a completely new electric car. Of the body and the battery to the control electronics.

Detroit showcar Audi e-tron
During the auto show in Detroit in early 2010, Audi presented the e-tron as study model. This compact sports car weighs only 1350 kg, which is partly due to the application of the Audi Space Frame and lithium-ion batteries. The two electric motors deliver a combined output of 150 kW/204 hp and the range is 250 km. Acceleration from 0-100 km / h takes no more than 5.9 seconds to complete. The battery pack is rechargeable via a standard wall outlet.
Audi e-tron (IAA 2009)
At the Frankfurt Motor Show Audi surprised the world with e-tron, a fully electric sports car. Each wheel has its own electric motor, which the e-tron a genuine quattro. The engines deliver a combined output of 230 kW/313 hp at the torque of 4,500 Nm say nothing. The Audi e-tron sprint in 4.8 seconds from zero to 100 km / h. The lithium-ion battery has a capacity of 42.4 kWh, for a range of 248 km.
Audi A1 e-tron (Geneva 2010)
The A1 is an e-tron Megacity Vehicle (MCV). Like his brother sports car that has electric drive. The range in town is over 50 km and with a peak power of 75 kW / 102 hp provides plenty of driving pleasure A1 e-tron. The batteries become exhausted, then load a small Wankel engine enkelschijfs them again. They increase the range of the A1 e-tron increases by 200 km. Based on the standard consumption for urban and country roads during the standard test cycle, leave the A1 e-tron a consumption of 1.9 l/100 km note, corresponding to a CO ₂ emissions of 45 g / km.
Hybrid Audi A8 (Geneva 2010)
Audi A8 Hybrid presented as a study technique. Its two power sources, a 2.0 TFSI and electric motor, delivering a combined capacity of 180 kW generous / 245 hp and 480 Nm of torque. This combination delivers the benefits of a large cylinder. This demonstrates the potential of downsizing and Audi electric drive convincingly with an average fuel consumption of 6.2 l/100 km. CO ₂ emissions lies at 144 grams per kilometer.
The Audi A8 Hybrid is designed as a parallel hybrid, thus rolling resistance and power loss to a minimum. Between the four-cylinder gasoline engine with an output of 155 kW / 211 hp and eight speed tiptronic transmission is a powerful electric motor built. Which provides an additional 33 kW / 45 hp power and 211 Nm of torque.
The A8-study is a true hybrid, able to be alone with the gasoline or electric motor drive or the power to combine both drive types. The electric motor is able to Hybrid A8 65 km / h to run, with a maximum radius of two kilometers.
Audi partner Desertec
Audi will invest more in alternative energy. If "Associated Partner of the international consortium Desertec will make working for climate-friendly energy production in North Africa and the Middle East. "When we look at Audi of sustainable mobility, then the total energy," said Rupert Stadler. The first series of small electric cars on the market comes in 2012. "Electric cars from Audi will be sustainably produced with current drive. This is solar and wind energy need. "

Control Nissan LEAF with your iPhone

Car giants Nissan have revealed the world's first vehicle to have its features controlled by a smartphone.
The groundbreaking Nissan LEAF is fitted with a system where the air conditioning can be programmed using a mobile like the iPhone or HTC Desire.
When they are out and about, drivers can use their phone to communicate with the battery powered, electric vehicle.
With just a few clicks, drivers can find out how much battery power the car has left.
And if they have left it charging, they can ask the vehicle to send a message when power has been fully restored.
They can also request what temperature they would like the cockpit to be at when they return to the five-door hatchback.

This means that after setting off, the batteries will be left with the less demanding task of maintaining the temperature.
When on the road, the LEAF's naviagtion system provides an up-to-date list of public charging spots in the immediate area.

Powered by a lithium-ion battery, the car will have a range of 100 miles between each charge and will be able to hit a top speed of 90mph.
The cost of a full battery charge is £2 so it works out at around 2p a mile. This compares to the £100 it now costs to fill up a Ford Mondeo.
Nissan chief product specialist Tooru Abe said: 'The system is a modern tool that will become a natural part of the Nissan LEAF owner experience.
'We wanted this vehicle to be a partner for the driver.'
The zero-emission Nissan LEAF is set for UK release in early 2011 and will cost around £20,000. The company claim it is the world's first mainstream affordable electric car.
As it is electric, you won't have to pay annual road tax, or city congestion charges.
From 2013, the cars will be built at Nissan's manufacturing facility in Sunderland.
The company are also planning an electric van.

Reva NXG: Car SMS

Presentation of a newcomer in the small world of electric cars sold in France.

A 100% electric car will soon be circulating on French roads. A car came straight from India: the Reva NXG. This little coupe looks sporty enough to enjoy the same benefits and same drawbacks as its competitors. It will not reject CO2 and will not use a drop of oil. But she will have a range of technical performance and limited.

The maximum range of 200 km is announced. The maximum speed of 130 km / h. A quick calculation makes us realize that after half past one highway, you must stop on the side, the batteries empty. Practice. The manufacturer has so far only one address in France, at Poissy, near Paris. It will cost the same in any € 20,000 available for you. The production of the car should start in Europe in 2011.

Reva is not his first attempt (as evidenced by this article on a previous model, the Reva ): The manufacturer produces and sells electric cars for several years on the Indian market and is attempting a breakthrough on the markets
Europe. This vehicle has two seats and a safe, ideal for urban travel.

In addition to this, the model is great news: if you get stranded far from a battery terminal, an SMS sent to operators of the brand allows you to remotely unlock a reserve battery, allowing you to rally the recharging terminal nearest to you and will be indicated by the operators mentioned above.
Ingenious. But enough to go to the electric car? You can judge by one year.

Electric Car Maker Think To Drive Product And Market Expansion With Additional $40 Million Equity

OSLO, Norway, 11 May, 2010: THINK has completed a US$40 million equity increase to support further product development and planned expansion into North American markets. With the new equity, THINK is now fully funded and expects to become cash-flow positive in 2011.

"The new equity round will help THINK take full advantage of the rapid growth of zero emissions vehicles around the world," said CEO Richard Canny. "The electric vehicle's time has arrived, and we are ready to take a leading role among the world's first global EV makers."

Headquartered in Norway, THINK has raised a total of US$87 million since last August, when it started a new phase of production with strategic partner Valmet Automotive of Finland, and has invested heavily in new product development in Europe and Asia. In January, THINK North America announced a new manufacturing facility in Elkhart, Indiana, and recently completed the initial phase of due diligence for a low-cost, long-term loan with the U.S. Department of Energy (DOE) to help fund the North American expansion.

"This last round of equity marks a powerful vote of confidence by THINK's investors at a time when world capital markets are under great stress," Canny said. "Completing our funding requirements will allow us to maintain momentum, accelerate key new initiatives and ensure that we capitalize on our first-to-market advantage."

The THINK City was the first highway-capable electric vehicle (EV) certified to European safety standards, and it will go on sale in the U.S. later this year. "While other companies have announced future production plans," Canny commented, "THINK has a proven electric vehicle in mass production today, and the benefit of 30 million miles of real-world EV experience over our 20-year history."

The investment round was co-led by RockPort Capital Partners, an investment fund co-located in Boston and Menlo Park, Calif., specializing in energy and clean technology, and Ener1 Inc., the parent company of advanced battery manufacturer EnerDel. Rockport Capital and Ener1 each increased its investment in THINK by $12.5 million. All of THINK's shareholders participated in the equity round.

"Our additional investment reflects our confidence in THINK as exceptionally well-positioned for success with a proven product and leading technology in electric drive systems," said Wilber James, co-managing general partner of Rockport Capital.

"This is a seminal event for THINK," commented Ener1 Chairman and CEO Charles Gassenheimer. "THINK's transformation into a company ideally placed to translate product advantage into market success is undeniable. Ener1 fully intends to invest further resources in THINK."

THINK also announced two changes to its Board of Directors. Gassenheimer was named Chairman of the Board, effective immediately. Incumbent Chairman Reidar Langmo was named Vice Chairman.

"We welcome Charles' leadership in his expanded role at THINK as chairman," Canny said. "He has made it clear to the THINK management team his dedication to accelerate new product development."

Canny said that with the closing of the equity funding, THINK will now pull ahead right-hand-drive products for markets such as Japan and the UK. He added that innovations to the THINK City will further solidify the company's leadership in the commuter car sector of the EV market.

Canny detailed several clear marks of progress at THINK:
  • The equity round was over-subscribed, indicating the increasing confidence of THINK's investors in the company's future success.
  • Accelerated progress with the DOE for a large-scale production loan to strengthen the company's positioning in the U.S.
  • The company's strategic partner Valmet Automotive is assembling THINK City at the same plant in Finland where it builds the Porsche Cayman and Boxster.
  • The company is following an aggressive schedule to mount production at its Indiana plant and plans to begin assembling electric vehicles in Elkhart during Q1 2011.
  • The company will begin selling the THINK City in the U.S. this year. The first cars sold in the U.S. will be built in Finland until production in Indiana gets underway in 2011.
  • THINK has announced projects to supply EV drivetrain systems to consortiums in Japan with Mazda, Japan Post and Itochu Corporation. With the equity round complete, THINK will further expand its business selling EV drivetrains, Canny said.
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About THINK:
THINK is a pioneer in electric vehicles and a leader in electric vehicle technology, developed and proven over 19 years. It is one of the few companies that are currently producing highway-ready, fully electric vehicles for sale – the THINK City. THINK is also a leader in electric drive-system technology, and was the first to offer a modular and flexible EV drive-train solution in the business-to-business sector. With its Scandinavian origins and sustainability mindset, THINK is one of the most carbon efficient car companies in the world.

THINK has established a U.S. subsidiary – THINK North America, a stand-alone business that will include manufacturing, product development, sales and distribution. The company has an active application before the U.S. Energy Department under the $25-billion Advanced Technology Vehicle Manufacturing loan program designed to spur development of more fuel efficient vehicles, including pure electric and hybrid electric vehicles. More information about THINK is available at www.thinkev.com

Wheego electric car potential to control global climate change

  Wheego electric cars has been launced its first model, a low speed electric two seater dubbed the Whip, last year. Based on news, it also plans to sell up to $5 million in equity to make a final dash to production of the full speed model.

As a low-speed/medium-speed vehicle, the Whip will be permitted to drive on streets with a
maximum speed of 35 mph. Its sealed lead acid battery has enough juice to keep it moving about 40 miles on a single charge.

There are too much interesting with Wheego. The chassis, made in China, is based on the Smart-like Noble platform from Shuanghuan Automobile. Other bits and pieces such as suspension components, brakes and the like are sourced from hither and yon. The motor, drive-train controller and electronic components are designed, engineered and manufactured here in America.

The Whip Life is a big deal, because getting plug-in cars on the market has become a competitive race. Some journalist said from MNN’s Wheego will have fierce competition in the next year, not only from established players such as Nissan (the Leaf) and Chevrolet (the Volt plug-in hybrid), but also start-ups such as Coda (the Coda sedan), Think (Think City, the closest in approach to the Whip), Fisker (the luxury, performance-oriented Karma) and others. Tesla plans a mass-market car as its third entry, once it gets the high-speed Model S sedan on the market.

For the new Whip LiFe it can go up to 65 MPH and have a range of round 100 miles per charge, according to Wheego. Assembled in Ontario, Calif., the car will use battery packs from Flux Power, a Vista, Calif. company led by Aptera co-founder Chris Anthony.

As we know that, electric cars play well with urbanites, which often have to maneuver in tight parking spaces. The fuel-free vehicles, once a niche marketed to environmentalists, are gaining broader appeal in the midst of a global recession and volatile gas prices.

www.clockwheelblog.com/2010/05/wheego-electric-car-potential-to- ..
harmizan azman
Web: www.clockwheelblog.com/
Phone: 0146388185

Nick Reilly, the electric car should be encouraged

According to the European General Motors chief executive Nick O'Reilly, the electric car, without public money are being marketed. To the demand for electric cars to be promoted, a subsidy of 5000-6000 euros needed, Reilly proposes in an interview on the website 'Zeit Online.
As Reilly, it does not necessarily stimulate the production of the cars to be plugged. Tax breaks or free parking for electric cars contribute to positive image. The government help is desperately needed because Reilly predicts that European cars are electrified faster than expected. Therefore, the established car brands to watch out for Asian newcomers in the short term, large-scale electric cars can market.