- 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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