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EV startup River to open Rs 10 billion manufacturing facility in Telangana
Industry News- Jul 12,24
The company has already invested about Rs 2.5 billion in its R&D facility and leased factory in Bengaluru, which has a capacity of 100,000 units per year.
Bengaluru-based electric vehicle (EV) startup River Mobility Pvt Ltd is considering establishing a manufacturing facility in Telangana with an annual capacity of 500,000 vehicles and an investment of approximately Rs 10 billion.
"We are actively in discussions with the governments of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh for land to build our factory," said Aravind Mani, CEO, River Mobility, in an interview with the source. "We would need anywhere from 25 to 50 acres for a facility that can produce half a million units per year."
The company has already invested about Rs 2.5 billion in its R&D facility and leased factory in Bengaluru, which has a capacity of 100,000 units per year. The next significant investment will be the Rs 10 billion for a larger owned facility, for which it is exploring options in the southern states.
River Mobility has raised around $68 million over the last three years. The company has strong investors on board, including Japanese giants Yamaha, Toyota, Mitsui, and Marubeni.
"River is the first investment in India for Maniv Mobility, Trucks VC, Lower Carbon Capital, Toyota Ventures, Al-Futtaim Automotive, and Marubeni Ventures," Mani said while announcing the opening of the company's first retail outlet in Hyderabad.
(Soource: TOI)
Aravind Mani
River Mobility
EV
electric vehicle
Yamaha
Toyota
Mitsui
Maniv Mobility
Trucks VC
Lower Carbon Capital
Toyota Ventures
Al-Futtaim Automotive
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