Key facts
- Mitsui & Co. is exporting electric buses manufactured by Indian startup Pinnacle Mobility to Africa.
- Pinnacle Mobility operates under the EKA brand and recently received a $100 million investment from Mitsui and VDL.
- The company aims to compete with Chinese EV manufacturers by utilizing low-cost production.
- Exports are planned for African, Middle Eastern, and European markets within the next 3-4 years.
- Mitsui is also focusing on light commercial vehicles for first- and light-mile connectivity.
Japanese trading house Mitsui & Co. has initiated the export of electric buses produced by Indian startup Pinnacle Mobility, operating under the EKA brand, to Africa. This strategic move leverages India's low-cost manufacturing base to challenge established Chinese electric vehicle makers such as BYD in emerging markets.
Mitsui, in collaboration with Dutch EV bus manufacturer VDL, announced a $100 million investment in Pinnacle Mobility in December, aimed at scaling up its production capacity and expanding its product portfolio. Pinnacle Mobility's annual production capacity is set to double to 10,000 vehicles with the new plant.
Syed Faisal Ashraf, Managing Director at Mitsui & Co., indicated that while Eka Mobility is currently focused on the domestic Indian market, it is preparing to meet export demands. He expressed optimism about expanding exports to African, Middle Eastern, and even European markets within the next three to four years, stating that significant export volumes are anticipated.
Ashraf also highlighted the substantial opportunities within India for e-buses, particularly from state governments. Beyond buses, Mitsui is exploring opportunities in light commercial vehicles (LCVs) for first- and light-mile connectivity, building on earlier experiments with three-wheelers in Africa.
Mitsui's contribution extends beyond financial investment, encompassing expertise in battery supplies, advanced technology for process efficiency, and electric engines. The company views the electric vehicle market as a significant growth area and intends to support other similar companies.