Pune-based Pinnacle Mobility to launch EKA brand e-buses in 2-3 months

Pinnacle Mobility Solutions, will launch electric buses under the EKA brand in two to three months. The Pune-based EV maker plans to invest Rs 2,000 crore over the next five years as it seeks to build a portfolio of EVs in the last-mile mobility segment, the company’s chairman and managing director said in an interview.

It will invest the aforesaid amount in collaboration with VDL Groep. The latter will hold 26 per cent equity and Pinnacle Industries will hold the remaining 74 percent. Pinnacle is one among the various vehicle makers to have qualified for the productivity linked incentive scheme.

The firm will design, manufacture, and supply a complete range of EVs, fuel cell EVs and alternative fuel vehicles. It will also house components assembly and manufacturing, EV traction systems, EV energy storage systems, etc.

Niti Aayog envisages 40 per cent of buses to be EVs by 2030. Fuelled by a robust growth of the Indian online grocery market which is expanding at a CAGR of 57 per cent, the last mile delivery industry is expected to grow by 9 per cent CAGR, as per industry estimates.