The company also sells the electric car in Nepal. In India, due to high cost and lack of infrastructure for electric vehicles, e2o hasn't been able to clock high volumes.
Homegrown auto major Mahindra & Mahindra plans to launch its electric car in Europe in next six months as it looks to tap rising demand for eco-friendly vehicles in the continent.
"The way electric vehicle technology is growing in Europe, we expect it to play an important role there. We are also looking at the opportunity to launch our electric vehicle there and expect to do so in next six months," Mahindra & Mahindra Chief Executive, Automotive Division, Pravin Shah told Media.
Exuding confidence of making a mark in Europe, he said: "Our electric car quality meets the norms there and we are also entitled for support from the governments." M&M had launched its small electric car e2o in India in 2013 and last year launched it in Bhutan.
The company also sells the electric car in Nepal. In India, due to high cost and lack of infrastructure for electric vehicles, e2o hasn't been able to clock high volumes.
"The sales of e2o are definitely below our expectations of less than 1,000 units a year," Shah said. He, however, said entering Europe, where markets like the UK, Iceland and Norway have seen good jump in volumes of electric car sales, provided the company an opportunity to scale up.
Apart from the e2o, M&M is also working on another electric vehicle based on concept electric sports car 'Halo' which it expects to launch commercially in the next three years.
According to the company, Halo can touch a speed of 0-100 kmph in less than 8 seconds. It has a top speed of 160 kmph with a range of 200 km on full recharge. The Halo concept was showcased at the Auto Expo last year.
M&M Financial stock price
On February 16, 2015, Mahindra & Mahindra Financial Services closed at Rs 260.70, down Rs 0.95, or 0.36 percent. The 52-week high of the share was Rs 344.90 and the 52-week low was Rs 229.50.
The company's trailing 12-month (TTM) EPS was at Rs 14.23 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 18.32. The latest book value of the company is Rs 89.58 per share. At current value, the price-to-book value of the company is 2.91.
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