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Under the cooperation, EKA Mobility will receive significant and strategic investments from Mitsui and technological support and an equity partnership from VDL Groep, a leading Dutch technology firm, the company said in a statement.
EKA Mobility, which commissioned a production unit in Pune earlier this year, plans to scale up production capacity to roll out 5000 electric buses and 6000 light commercial vehicles per annum in the first phase. This would be further increased to produce 12,000 electric buses and commercial vehicles each in the medium term, as per market demand.
Pune-based Pinnacle Industries specialises in commercial vehicle (CV) seating systems and interior trims. It also makes specialty vehicles including magnifica tourers, motorhomes, and refrigerated cargo vans. In 2021, it forayed into the railways division as well. With robust demand from OEMs, Pinnacle has a revenue target of INR 750 crore in FY24, including about INR 70 crore-80 crore from the railways segment
Sudhir Mehta said ditching ICE and contract manufacturing is “simply not smart”, even as the need of the hour is the transition to EVs.
EKA's order book has grown significantly, with more than 500 electric buses and 5,000 electric light commercial vehicle orders in the pipeline