Skip to content Skip to Search
Skip navigation

Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker

India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility produces two and three wheeled EVs

Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market.

India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three wheeled EVs.

Abdul Latif Jameel will initially invest $150 million, giving it a 35.8 percent stake in the company and making it the second-largest shareholder.

Selling affordable, cleaner alternative transport methods, Greaves Electric Mobility is one of the fastest-growing EV makers in India, recording sales of over 62,000 vehicles for the financial year 2022, a year-on-year increase of 128 percent.

Abdul Latif Jameel has already been in the transport sector for 65 years, through its partnership with Japanese car brand Toyota. It was also an early-stage investor and the third-largest shareholder in US EV manufacturer Rivian.

The deal represents growing interest among Saudi investors in the global EV market. Last month, Lucid Group, which is 60 percent owned by Saudi sovereign wealth fund the Public Investment Fund, revealed plans to build an EV production hub in Saudi Arabia, which will have an annual capacity of 155,000 vehicles and help create 4,500 new jobs.

Under deals struck in February with the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, Emaar, The Economic City and Gulf International Bank, Lucid will receive financing and incentives worth up to $3.4 billion over the next 15 years.

Speaking at the World Economic Forum in Davos, Saudi investment minister Khalid Al-Falih also said it was likely that at least three EV manufacturing facilities would be set up in the kingdom in the near future, without giving further details.

Latest articles

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]