The company was also selected to enjoy benefits under the State Production Incentive Scheme or PLI
Pinnacle Mobility Solutions of Pune is investing Rs 2,000 to enter the EV market. In light of this, Pinnacle Mobility has partnered 74:26 with the European VDL Group.
The company will set up a plant for the production of electric buses for 5,000 units in Pitampura, Madhya Pradesh, and a plant for the production of electronic mini-vehicles for 15,000 units on an area of 1-2 tons in Pune and will start producing electric buses and electronic minibuses. trucks. .
The company will hire about 1,000 people in two locations. Over the next two years, it will produce a range of 9-12-meter electric buses and 1-2-ton mini-trucks.
For the first 18 months, Mehta said the focus will be on the Indian market. However, over the next three to four years, the company intends to expand into Sri Lanka, the Middle East, Southeast Asia and Africa to scale and meet growing needs around the world.
He has had a long-standing partnership with VDL on the engineering front for the past six years.
The company was also selected to enjoy benefits under the State Production Incentive Scheme or PLI.
The company also said there is a tender for 5,000 CESL electric buses to be delivered in the next few years, and Pinnacle will participate in the exercise.
Sudhir Mehta, chairman of Pinnacle Mobility Solutions, told ET that electric cars will be one of India’s largest industries in size. Pinnacle has begun work on a perfect solution with a unique Lego concept that can be adapted for small establishments that do not require large investments. The full range of products is developed in India with several patents already obtained and in the process, Mehta said.
“Our intention is to participate in the democratization of EV in the country. We need to develop innovative and affordable products without subsidies, ”Mehta said. “You don’t need big factories to cater to the market; our Lego installation can be adapted in smaller conditions. We will produce a range of products and can work with local STUs to build scale at a low price. “
Pinnacle Mobility creates JV with VDL Group to invest Rs 2,000 to enter the EV market
Source link Pinnacle Mobility creates JV with VDL Group to invest Rs 2,000 to enter the EV market