Mahindra & Mahindra has finally shed the Reva tag from its electric car division which has now been rebranded as Mahindra Electric.

M&M bought a majority stake in Reva Electric Vehicles Ltd in May 2010 and since then has gradually increased its stake to 100 per cent.

In another development, Mahindra Electric will have a new CEO in Mahesh Babu who will replace Arvind Mathew. Babu has been the chief operating officer of the division since 2015.

Mathew will move over to another role in Mahindra & Mahindra.

The electric car company also said that it will soon be launching an eight-seater mini-van Supro, which can be used by e-commerce majors such as Flipkart and Amazon. It has already launched Verito electric sedan car some time back.

The company officials said that there were some procedural issues which were hindering the launch of eVertio cars as part of Lithium Urban Technologies’ fleet. Lithium provides electric cars to corporates to ferry their employees. Mahindra Electric has sought the all-India taxi permit for eVerito so that it gets exemption from fitting fare meters in the passenger cars.

The company is working with the Delhi Government to find a way out of the procedural issues. The company expects 20 per cent of its total sales from the fleet segment.

e-car market slow Mathew, the current CEO of the electric division, said while the electric car market was growing by 50 per cent across the world, in India, it was growing at about one per cent.

There are about four lakh electric vehicles in India and 95 per cent of them are two wheelers with speed of less than 25 km/hr. Mathew added that Brexit had delayed the launch of the company’s electric cars in the UK.

The car maker is also willing to sell its electric drive-train to companies outside M&M, the CEO said. “The company will manufacture electric cars, license out its electric vehicle technologies, electrify its new and existing platforms and help deliver integrated zero emissions mobility solutions,” Mathew said.

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