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

  • Abdul Latif Jameel, an early Rivian Automotive, Inc 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.

Posted In: BriefsNewsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.