Al-Futtaim Automotive, one of the UAE’s main vehicle distributors, has led a $15 million investment in River, an Indian electric two-wheeler start-up.
The funding will bolster River’s manufacturing and distribution networks for an August delivery start in India, the Al-Futtaim Group subsidiary said on Friday.
“We evaluated over 50 electric two-wheeler start-ups and are impressed by the team’s vision and relentless commitment to in-house product development,” said Paul Willis, president of Al-Futtaim Automotive.
“I am confident that their products will see great success, in India and internationally.”
The adoption of electric vehicles in India is mainly led by two-wheelers, as the high cost of electric cars makes them unaffordable for most consumers.
The Indian two-wheeler vehicle market, the biggest in the world, is expected to grow to $26.64 billion in 2028, from $16.01 billion in 2022, according to ResearchAndMarkets.com.
Last year, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, launched its first electric vehicle as part of its plan to move towards clean energy.
River’s first electric scooter, the Indie, has covered more than 100,000km in testing, said the company's co-founder and chief executive Aravind Mani.
“At River, we've been quietly working in the background for the last two years … now we’ve set the base to build a billion-dollar business,” Mr Mani said.
India is aiming for 30 per cent of private car sales and 80 per cent of two-wheelers to be electric by 2030, in an attempt to reduce carbon emissions and its dependence on consumption of costly crude oil imports.
As India scales up its EV manufacturing to meet these goals, demand for lithium-ion battery cells used in EVs is rising.
The South Asian country's lithium-ion battery demand stood at three gigawatt-hours last year and is set to rise to 20 gigawatt-hours by 2026 and 70 gigawatt-hours by 2030, according to a report by consultancy Arthur D Little.
The Al-Futtaim Group is expanding its e-mobility sector, driven by the growing importance of green transport in the Emirates.
Last year, Al-Futtaim Automotive teamed up with Swedish premium electric car brand Polestar to launch sales of its electric vehicles in the UAE.
Global electric car sales are expected to surge by 35 per cent this year, helped by government subsidies and the tightening of carbon dioxide emissions standards, the International Energy Agency has said.
Electric car sales are set to increase to 14 million in 2023, from 10 million last year, according to the Paris-based agency.
This means the share of electric cars in the overall market will rise to 18 per cent this year, from 14 per cent in 2022, the IEA said.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
UAE currency: the story behind the money in your pockets
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
