ELECTRIC DREAMS

REVA Electric Car Company

CHETAN MAINI

Story…

Born in Bangalore, was crazy about all kinds of electronics

Schooled at Bishop Cottons, Bangalore

Father, Sudharshan Maini recognized his passion and gave him all the support

Snubbed IIT to go to the states (Bachelors - University of Michigan)

Won Inter University competition (1st year)

Worked at GM as an intern

3rd, World Solar Championship (Australia)

Joined Technar (Dave Bell, s/o Dr. Bell)

Story continued…

Masters – Stanford University

Returned to Amerigon (Lon Bell)

Cost effective city mobility in India, China, etc

Maini’s & Bell’s started REVA in 1994

REVA – “A new begiinning”

1996 – First car shipped to India

1997 – Automotive Research Association of India (ARAI)

1999 – Moved back to Bangalore

2001 – Launched 1st electric car in India

2010 – Acquired by Mahindra & Mahindra

OPPORTUNITIES

Family recognized passion & gave all support

Cost effective city mobility in India, China, etc

Increasing pollution levels

Subsidy for electric vehicles

Then niche market

Support of banks (15 Cr)

“Leaders Quest”

Free parking & charging in UK

Higher margins in exports

IMPACT

Reduced pollutionBrought electric cars to IndiaReduced trafficMixed customersEnvironment friendlyFashion statementIndia recognized

OBSTACLES

Travel – India & U.SWorking for Amerigon drawing salaryOffers with 2x salary had to be turned downNew entrants due to market potentialOil was cheap at that timeCharger failureMass hiringR&D issues – (inexperience)Taxes doubled for electric cars & reduced for normalSubsidy withdrawnUnknown companyLondon Climate

RISKS

No formal agreement till 1999 (only MOU)

Family investment

Offers turned down

No success example during that time

Spent all time and energy on this

INNOVATION

Superior technology

In house parts

10 patents in energy management

Car with military like specs

Hired ones with passion and trained (inexperience)

Got IIT’s, IISC’s & major companies involved for awareness

Home servicing model – On board computers to diagnose

Made independent business units (Chassis, plastics, etc) and gave it out to VOLVO & Leyland

RECEPTION & CRITICISM

Criticized by Top Gear for being: Underpowered

Unsafe

Ugly

Quadra cycle (U.K)Batteries – 50K, 2 – 3 yearsHigh price paid initially but beneficial in the long run – “Consumerdaddy.com”

THANK YOU