EV start-up River Mobility is all set to invest INR 1,000 crore to establish a new manufacturing plant spanning between 25 and 50 acres. According to the sources, the company is in talks with Andhra Pradesh, Tamil Nadu, Karnataka, and Telangana for land to set up its factory.
“We would need anywhere from 25 to 50 acres for a facility that can churn out half a million units per year,” said Aravind Mani, CEO of River Mobility.
Bengaluru-based EV firm River Mobility has already invested INR 250 crore in its R&D facility and leased factory. The state-of-the-art electric vehicle factory in the outskirts of Bengaluru is an ergonomic work environment where innovative thinking meets efficient manufacturing. Each part of the factory was custom-designed to achieve the highest levels of efficiency and productivity through sustainable practices.
Earlier this year, River Mobility raised INR 335 Crore in Series B round led by Yamaha Motor Co. Ltd. This round also saw the participation of Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility and took the cumulative fund raised by the company INR 565 INR Crore since its inception in March 2021.
Backed by marquee international investors in the mobility space, River Mobility is building high-quality mobility solutions designed to better the livelihoods of people around the world.