Pinnacle Industries To Set Up EV Manufacturing Facilities With Rs 2,000 Crores

Pinnacle Industries will invest Rs 2,000 crore for establishing electric vehicle manufacturing facilities in Indore and Pune. The company is one of the 20 companies which received approval under the PLI scheme to set up EV manufacturing units. Pinnacle Industries is a Pune-based company that recently established an EV unit under the name of Eka label.

“We are one of the 20 successful applicants for the auto PLI scheme for the EV segment. We will be investing Rs 2,000 crore over the next five years to develop EV buses and build manufacturing units in Pune and Pithampur near Indore. The plants should be ready over the next 12-18 months, and we plan to invest Rs 2,000 crore into the EV business over the next five years,” Pinnacle Industries and Eka CMD Sudhir Mehta.

The company has already manufactured two buses that are waiting for regulatory approval. These buses are 10-15% lighter than their competitors because of stainless steel material.

Pinnacle will launch around 1,000 buses and in the long run, the company also plans to design, manufacture and supply various ranges of electric vehicles, alternative fuel vehicles, and fuel cell EVs.

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