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Benzinga

Technology

Anusuya Lahiri

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

India BloombergNEF Nasdaq Africa Asia China Latin America

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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