Reva to franchise its electric car business

The Reva electric car company is planning to franchise its electric car business with a motive to achieve substantial growth in many markets around the world where electric cars get a strong welcome. The company strategy behind franchising is to regionalize the assembly of electric cars for which they are seeking venture partners who can access expertise and funds around the world. Sicilian financier Simone Cimino presented a plan to convert Fiat SpA’s Termini Imerese car factory for production of electric vehicles to government officials in Rome.

Fiat's chief executive Sergio Marchionne had reported that they were incurring heavy losses on production due to which they had shut this plant as a cost-cutting measure. The Sicilian government is planning to reduce its dependency on oil for which they are aiming to build infrastructure needed for solar charging of the electric cars like battery manufacturing, charging points and sales and have a back up company that would provide electricity to these cars.