Indian EV company, Greaves Electric Mobility Partners with Saudi Investor
Greaves Electric Mobility announced a strategic investment by Abdul Latif Jameel, an independent, family-owned, diversified global investor and operator. The venture builds on Abdul Latif Jameel’s extensive global experience in the automotive market as one of the leading independent distributors of Toyota products for over 65 years. The Jameel Family, who own Abdul Latif Jameel, are also early-stage investors and the third-largest shareholder of US electric vehicle manufacturer Rivian. The Family are also investors in other cutting-edge innovators such as US venture-backed aerospace company Joby Aviation through their global investment arm JIMCO.
Greaves Electric Mobility manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (E-Auto and E-Rickshaw) under the brands Ele and Teja. Greaves Electric Mobility has grown from a small revenue base to more than US$100 million annual revenue run rate. Over the last few years, the Company focused on expanding its product offerings through acquisitions and now it caters to the E2W / E3W ecosystem in India. Greaves Electric Mobility has a strong track record of identifying EV opportunities early and scaling up business operations.
The proceeds from this investment will be used to develop new products, associated technologies, brand awareness, aiming to transform the Company into a leading global EV manufacturer. The investment aims to support Greaves Electric Mobility as it transitions into the next phase of growth. This strategic investment marks a major milestone in the development of the E2W / E3W ecosystem in India, currently the world’s fourth-largest automotive market where the share of EVs in the two-wheeler and three-wheeler segments are expected to increase significantly. These segments are less dependent on commercial charging infrastructure, unlike passenger cars.
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