River Mobility Pvt Ltd, an electric vehicle (EV) startup based in Bengaluru, is now in negotiations to develop a new production plant with numerous state governments. The company intends to invest over INR 1,000 crore to construct a plant that would be able to produce 500,000 cars annually. In order to secure between 25 and 50 acres of land, River Mobility is looking at possible locations for this factory in the states of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh.
The CEO of River Mobility, Aravind Mani, stated that the company is in active talks to purchase property for a plant that will be able to produce 500,000 units a year with the governments of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh.
In the past, River Mobility has allocated approximately INR 250 crore on its R&D and a manufacturing facility that it leases in Bengaluru. This facility can produce 100,000 units annually. The company is currently looking to make a substantial investment aimed at a wholly-owned manufacturing base in order to greatly expand its activities.
River Mobility has raised over USD 68 million (roughly INR 575 crore) over the last three years from credible investors, including significant Japanese companies like Yamaha, Toyota, Mitsui, and Marubeni.
According to Aravind Mani, Toyota Ventures, Al-Futtaim Automotive, Trucks VC, Lower Carbon Capital, Maniv Mobility, and Marubeni Ventures have made their first investments in India with River. He also highlighted the company’s first retail location opening in Hyderabad.
