The Bangalore-based Reva Electric Car Company manufacturers of the first on-road electric car in India, is looking at developing more models to add to its portfolio of products.
Reva is also slated to achieve cash break even from an operational point of view in the current fiscal, according to a senior official of the company.
Chetan Maini, managing director, Reva Electric, said the company was looking at developing niche products that will address the city mobility market in the medium term.
"In the next two years we are looking at developing products such as mini-buses and city taxis on the same electric platform," Maini said.
The company has so far been able to sell about 400 units of its electric car 'Reva' and expects to close the current financial year with domestic sales of about 1000 units.
Reva has also tied up with Going Green plc of UK, which will import about 1,000 units during the current fiscal for sale, lease and rental purposes in the country, Maini said.
"An electric car makes lot of sense in a city like London. In central London they charge five pounds per day for parking, but if you were to use an electric car, there are no charges," Maini said.
Maini also said by February the company would have received certification allowing sales of its car in Europe.
"In Europe each component has to certified before the car can be sold and we expect the process of certification to be over by next month," he said. Reva, Maini said expects to achieve operational break even in the current fiscal.
The company has invested about Rs 80 crore (Rs 800 million) into the entire project and has been able to indigenise about 950 parts out of a total of around 1,000 parts that go into the car.
The company imports the tubeless tyres, electric motors, motor controllers, chargers, and chips required for running the car.
The Reva has two onboard computers and a sophisticated energy management software system which controls the running of the car.
"Today 50 per cent of our costs are technology costs and in the technology area prices of processors, batteries, motors are all coming down alongside improved performance. We expect to pass on the benefits of such cost reductions in technology related inputs to our future customers next year."
Reva, Maini revealed, was working on a larger more efficient electric motor which would be more powerful and yet cheaper.
The company, which recently introduced an air-conditioned version of the Reva, will be appointing dealers across the country and will have a presence across 20 cities by the end of the year.
The company has at present dealers in Delhi, Bangalore, Chennai, Jodhpur and Goa.
The company has also recently introduced a convertible model of the Reva alongside offering a unique maintenance package to its customers.
Reva is offering a package of free insurance, maintenance, free car during service time, and free repair to customers in the first year for a charge of Rs 7,000 and Rs 13,000 per annum from the second year onwards.