Electric mobility is becoming increasingly popular, and more manufacturers and mobility solution providers are joining the EV race. Pinnacle Mobility and VDL Group joint venture is planning to invest Rs 2,000 crore to meet the growing demand for electric mobility. Pinnacle-VDL JV plans to enter the market for manufacturing electric buses and e-mini trucks. The JV is a 74:26 cooperation with the European VDL Group. In Pithampur, Madhya Pradesh, the business plans to build a manufacturing plant that will produce 5,000 electric buses. In Pune, another plant will produce 15,000 1-2 tonne mini-trucks.
VDL Pinnacle Engineering is a joint venture between the VDL Group in the Netherlands and Pinnacle Industries in India. VDL Pinnacle Engineering commenced operations in India in early 2016 in Pune, Maharashtra. The company has also been chosen to participate in the government's PLI (production linked incentive) programme.
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The demand for electric vehicles is gaining traction. By the end of this decade, Niti Aayog, expects 40 percent of buses in the country to be electric. CESL has issued a tender for 5,000 electric buses, which must be delivered over the next few years, and Pinnacle will be a part of it. Alternatively, the last-mile delivery business is predicted to increase at a rate of 9% each year, owing to strong momentum in the Indian online grocery market, which is growing at a CAGR of 57%.
Pinnacle mobility plans to expand into many local bases across the country, leveraging its JV expertise in establishing smart lean manufacturing. Pinnacle began developing a solution from the bottom up, based on a unique lego concept that can be scaled to smaller setups that do not necessitate big investments.
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On the engineering front, the long-standing cooperation with VDL has completed engineering projects for some of the world's most prestigious automobile manufacturers. Pinnacle's architecture is packaged and safeguarded in order to bring in hydrogen fuel in the future. In six months, its intercity hydrogen fuel cell bus will be ready.
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