India’s Mahindra buys Reva stake as GM exits

Leading Indian utility vehicle maker Mahindra & Mahindra Ltd. has agreed to buy a majority stake in Reva Electric Car Co. Ltd., the companies said Wednesday, as General Motors exits its partnership with the pioneering electric car company.

Mahindra’s global ambitions are growing and the deal gives it entry into the worldwide market for electric vehicles, which has attracted players including Nissan, Toyota, Ford and General Motors.

[Source & read more: Forbes]

Tags: General Motors, Mahindra & Mahindra, Reva

White House unveils $2.4 bn in grants

The US government will buy thousands of electric and hybrid vehicles. Government grants also would subsidize installation of electric-vehicle charging stations.  The move reflects the belief that current lower oil prices won’t last: In its models for the future, as part of the GM and Chrysler bankruptcies, the president’s auto task force assumed that gas prices would rise above $4 a gallon by 2015.

Tags: Business, Chrysler, Electric vehicle, Ford Motor Co, Ford Motor Company, General Motors, Hybrid vehicle, United States

LG Chem, SDI in Big Battery Duel

LG Chem is looking to strike a big deal to supply batteries to General Motors.  Samsung is trying to kick-start an effort to overtake its rival. Samsung SDI, an affiliate, said that it will acquire U.S. battery maker Cobasys through a joint venture with Germany’s Robert Bosch ― SB LiMotive. The global battery market is worth $36 billion and is expected to surpass $50 billion in five years.

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