Pinnacle Mobility to invest USD261.5mn to enter bus and last mile
With the above investments, company will set up a 5,000-unit electric bus manufacturing facility in Pithampur, Madhya Pradesh, and a 15,000-unit plant for e-mini vehicles in the 1-2 tonne space in Pune.
Pune- Pinnacle Mobility Solutions Pvt. Ltd of Pune, a subsidiary of Pinnacle Industries and a new entrant into electric vehicle manufacturing invests USD261.5mn to make electric buses and e-mini trucks to cater to the booming last-mile mobility space.
With the above investments, company will set up a 5,000-unit electric bus manufacturing facility in Pithampur, Madhya Pradesh, and a 15,000-unit plant for e-mini vehicles in the 1-2 tonne space in Pune. The company will be hiring about 1,000 people across two locations. It will make a range of 9-12 metre electric buses and 1-2 tonne mini trucks over the next two years.
Currently Pinnacle Mobility is in the process of formulating 74:26 partnership with VDL Group1 with whom they had a long-standing partnership with VDL on the engineering entrance for the last six years.
1VDL Groep, headquartered in Eindhoven, the Netherlands, is an industrial family business with 105 operating companies, spread throughout 19 countries, with around 15,000 employees. The VDL companies break down into four divisions: Subcontracting, Car Assembly, Buses & Coaches and Finished products. Initially, VDL Groep specialised in metalworking. Later the portfolio was expanded to include plastics processing, the development, manufacture and sale of buses and coaches, and high-tech subcontracting for the semiconductor industry and others. The combined annual turnover in 2020 was 4.7 billion euros.
