Saturday, July 13, 2024
HomeBusinessEV maker River in talks for land with States for factory  

EV maker River in talks for land with States for factory  

River co-founder and CEO Aravind Mani 
| Photo Credit: Arrangement

EV start-up River is in discussion with the governments of Tamil Nadu, Karnataka, Andhra Pradesh and Telangana for acquiring 25-50 acres in one of these States to set up a factory with a capacity to manufacture 5 lakh electric scooters.

“We are actively talking to the governments… for the next factory we want to set up on our land,” co-founder and CEO Aravind Mani said. River is in talks as it expects to run out of capacity at the existing 1 lakh vehicle a year facility, on leased land, near Bengaluru, by early 2026.

The firm, which has raised $68 million (about ₹550 crore) since inception in March 2021, is also looking to expand its network of stores beyond Bengaluru and Hyderabad. By September, the plan is to open stores Chennai, Kochi and Coimbatore besides adding more in Bengaluru. By March, the plan is create a network of 35-40 stores across 30 cities, he said after launch of the first store in Hyderabad on Wednesday.

By September, River expects customer demand for the vehicle to pick up from about 500 units at present to 1,000 units. The company has designed and developed the electric scooter at its research and development facility in Bengaluru. River is backed by marquee investors, including Japan’s Yamaha Motor Corporation, Mitsui & Co, Marubeni Corporation, Al Futtaim Automotive, Chris Sacca’s Lower Carbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.

Source link


Most Popular

Recent Comments