Bengaluru-based electric vehicle (EV) startup River Mobility Pvt Ltd is gearing up to establish a new manufacturing facility. The company intends to invest approximately Rs. 1,000 crore to build a plant capable of producing 5 lakh vehicles annually. River Mobility is currently in discussions with the governments of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh to secure suitable land for the factory.
“We are actively talking with the governments of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh to find land for our factory. We need between 25 to 50 acres for a facility that can produce half a million units per year,” said Aravind Mani, CEO of River Mobility.
River Mobility has already invested about Rs. 250 crore in its R&D facility and leased factory in Bengaluru, which currently has an annual production capacity of 1 lakh units. The startup has received significant funding of approximately $68 million (around Rs. 575 crore) over the past three years from investors like Yamaha, Toyota, Mitsui, and Marubeni.
“This marks River’s first investment in India for Maniv Mobility, Trucks VC, Lower Carbon Capital, Toyota Ventures, Al-Futtaim Automotive, and Marubeni Ventures,” Mani noted. Additionally, River Mobility has opened its inaugural retail outlet in Hyderabad.
