Pinnacle Industries announced on Tuesday that it has entered the electric vehicle (EV) components business and will be producing parts for two- and three-wheelers.
The company will produce EV components including sheet metal and tubular pipe parts, body parts, seats and battery packs for two and three-wheelers.
With manufacturing facilities in Pithampur and Pune, Pinnacle Industries is one of the largest producers of automotive interiors and seating systems for commercial vehicles. It supplies parts to companies like Ashok Leyland, BharatBenz, Force Motors, JBM Group, SML Isuzu, VE Commercial Vehicles and Scania, among others.
Pinnacle Industries’ subsidiary Pinnacle Mobility Solutions is one of the 20 companies selected under the Champion OEM Incentive scheme of the production-linked incentive (PLI) scheme. Last month, the company launched an EV brand, EKA, which will introduce electric buses and light commercial vehicles in the market in the coming months.
“The EV ecosystem is building up fast with many two-wheeler and three-wheeler manufacturers coming up in different parts of the country, besides major OEMs making huge expansions in this segment. India is the largest two-wheeler and three-wheeler market globally and we foresee significant growth of EV penetration in this sector,” said Bharat Pritmani, head of sales and business development, Pinnacle Industries.
“We are also grateful for the government of India’s encouragement towards local manufacturing of components and battery assemblies, that will help the growth of the ecosystem. We are also completely in line with India’s goal to achieve 80% of EV adoption in two and three-wheelers by the year 2030, and we believe given our design, manufacturing, engineering and supply chain capabilities, we are positioned well to make it a success,” he added.