Mitsui & Co. has announced investments in Pinnacle Mobility, an electric bus and small commercial vehicle manufacturer, is now looking at facilitating its exports to African, Middle Eastern, and European countries within the next 3–4 years.
In December last year, Mitsui and Dutch EV bus maker VDL announced a USD 100 million investment in Pinnacle Mobility under the EKA brand. The funding will help Pinnacle Mobility expand its production and product offering.
Syed Faisal Ashraf, MD of Mitsui & Co., claimed in an interview that Eka Mobility, which is now concentrated on the local market, will increase its capacity to fulfill export requests. “As soon as they have the capacity,” he added, declining to specify the export numbers anticipated.
Ashraf would not divulge the numbers; his firm is considering exporting these buses. “But it is significant. In the next three to four years, we should be able to sell Pinnacle goods to not just low-cost but also high-tech countries such as the Middle East and Europe. “I’d be happy if we could finish it in three years,” he said.
According to Faisal, the initiative should be seen in light of India’s vast potential for such buses. “There is so much of a lag,” Ashraf said, referring to the quantity of prospective e-bus orders, notably from state governments around the country.
In addition, Mitsui intends to focus on first- and light-mile connection via light commercial vehicles (LCV). Faisal stated that they tried to experiment with last-mile three-wheelers by selling them to Africa six and eight months ago. “However, we have not been able to get our playbook perfect. But we’ll keep going because that’s where the scale will be, especially in the final mile,” Faisal said.
According to business executives, Mitsui’s efforts, in addition to financials, include investments in battery supply, deep technology for increasing processes and efficiency, and electric engines, among other things.
When asked if Mitsui is looking to make similar investments in other EV companies, Ashraf continued that his company will look to supplement more such companies. “It’s a very large market, and this is just the beginning for electric vehicles,” Ashraf stated.