Mahindra confirms electric Verito launch for 2014

Mahindra & Mahindra has confirmed that it will launch the electric version of the entry-level Verito sedan within a year. The company is investing about Rs. 150 crore to develop electric versions of three vehicles - the Gio, Maxximo and Verito. 

"We will be using electric vehicle technology for some of our existing products. We are almost ready with the electric Gio and Maxximo, while we have also developed a prototype of the electric Verito," M&M President Pawan Goenka said. 

The company has kept a fleet of 50 electric Maxximos ready; these will be launched commercially after assessing the response to the e2o, he added. Commenting on the electric Verito, Goenka said "The prototype is ready. Verito is a heavier car than the e2o. There has to be adjustment and optimisation of the technology". 

The company expects to sell 400-500 units of the e2o per month in India. Keeping its steep pricing in mind outside of Delhi (related news), that's not going to be easy. M&M has gotten enquiries from Europe, mainly the Scandinavian countries, for the e2o. In another 8-9 month's time, e2o exports to Europe will begin. Northern Europe is the primary market for the e2o. The company expects equal contribution in e2o sales from the domestic and export markets.  

Mahindra has plans to extend electric technology to its two-wheelers as well.