Rumors fly that Indian Electric Car firm REVA is soon to have new investors, as U.S. based Investors start negotiations to sell their stake in the $100 million company.
According to VCCircle, a financial news portal, three groups of investors are seeking to play out their exit strategy. Sources cite AEV LLC of California, Investors Global Environment Fund and Draper Fisher Jurvetson as all wishing to sell their stake in the company.
AEV LLC founded the REVA Electric Car Company in a joint project with Maini Group in 1996. Draper Fisher Jurveston are known for their investment in green tech startups and are also investors in Tesla Motors, makers of the 2010 Roadster.
REVA's first electric car, known in the U.K. as the G-Wiz has fans worldwide, as well as plenty of enemies. The small, almost joke-like car was first manufactured in 2001 and can be seen on the streets of India and London, where it received cult status.
However, as mainstream car companies ready full size, highway capable cars for release in 2011 and 2012 REVA's little low speed vehicle is being joined by a new range of vehicles which REVA aim to compete against gasoline sub-compact cars for market share.
The new models, the NXR and NXG were unveiled at the 2009 Frankfurt Motor show and were initially due to be launched for sale by the end of 2010. However, recent setbacks and redesigns following feedback from consumers at the auto-show have pushed the launch date back.
The NXR will be manufactured for the U.S. market in a purpose built factory in upstate New York. It will have a top speed of 65mph and range of around 100 miles per charge. Its diminutive dimensions and seating for four adults make the NXR ideal for inner city travel.
The REVA NXR
While REVA are considerably smaller than the likes of Nissan, Toyota or GM, the predicted shake up could help the Indian firm lay its claim to a small part of future EV sales in the U.S., and a much larger share of the worldwide EV market.