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Benzinga
Benzinga
Technology
Anusuya Lahiri

Rivian Backer Eyes India's Two and Three Wheeler EV Market

  • Abdul Latif Jameel, an early Rivian Automotive, Inc (NASDAQ:RIVN) backer, committed to investing up to $220 million (₹17 billion) in India's battery-powered two and three-wheeler vehicles through EV maker Greaves Electric Mobility.
  • The Saudi family-owned group will initially pay $150 million (₹11.6 billion) for a 35.8% stake in India's Greaves Cotton Ltd subsidiary to foray into the fourth-largest automobile market.
  • The investment will help Greaves Electric expand its business locally and potentially expand in regions including Latin America, Asia, and Africa, Bloomberg reports.
  • The retail sales of Greaves Electric Mobility stand at over 62,000 vehicles for FY22, which is a 128% jump year-on-year.
  • BloombergNEF sees 53% of new automobile sales in India turn electric by 2040, against 77% in China.
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