Auto major Mahindra & Mahindra plans to enter the US market with its electric vehicles from group firm REVA's portfolio within next five years, a top official said today.
The announcement comes at a time when the homegrown firm is fighting a legal battle with its erstwhile sole US distributor for delaying the launch of its pick-up truck in the American nation.
"US is an important and big market for electric vehicles. We are looking at that market. We will be there before our target of full global presence in next five years, but exactly when, that we have not decided yet," Mahindra REVA Electric Vehicles chief of operations R Chandramouli said.
At present, the US government provides various incentives to the tune of USD 7,500 on electric vehicles, he added.
In May this year, Mahindra & Mahindra (M&M) acquired 55.2 per cent stake in Chetan Maini-promoted REVA Electric Car Company through a combination of equity purchase and a fresh equity infusion of over Rs45 crore into the company.
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