EV maker River in talks for land with States for factory  

Updated - July 10, 2024 10:10 pm IST

Published - July 10, 2024 09:37 pm IST - HYDERABAD

River co-founder and CEO Aravind Mani 

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.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.