One of the UAE's largest automotive distributors, Al-Futtaim Automotive, has spearheaded a $15 million investment in River, an Indian electric two-wheeler start-up.
According to a statement from a subsidiary of the Al-Futtaim Group, the funding would strengthen River's production and distribution networks in preparation for an August delivery launch in India.
Paul Willis, president of Al-Futtaim Automotive, stated, "We examined over 50 electric two-wheeler start-ups and are pleased by the team's vision and tireless dedication to in-house product development."
He went on to say, "I am confident that their products will see great success, both in India and internationally."
Due to the high cost of electric automobiles, which makes them expensive for most consumers, two-wheelers are leading the way in the adoption of electric vehicles in India.
The Indie, River's first electric scooter, has been tested for more than 100,000 km, according to Aravind Mani, co-founder and CEO of the business.
We've been quietly working in the background at River for the past two years, and now we've laid the groundwork for a billion-dollar company, according to Mr. Mani.
Due to the increasing significance of environmentally friendly transport in the Emirates, the Al-Futtaim Group is building its e-mobility business.
For the UAE debut of its electric vehicle sales last year, Al-Futtaim Automotive partnered with Swedish luxury electric car company Polestar.
According to the International Energy Agency, government incentives and tighter carbon dioxide emissions requirements will help drive a 35 percent increase in global electric car sales this year. The Paris-based organisation projects that the number of electric vehicle sales will rise from 10 million this year to 14 million in 2023.
According to the IEA, this will result in an increase in the market share of electric vehicles from 14% in 2022 to 18% this year.