EKA Mobility plans ₹1,000 crore R&D investment to expand capacity
The Pune-based electric commercial vehicle maker aims to reach 40,000-unit annual production capacity and increase exports by 2030.
EKA Mobility plans to invest ₹1,000 crore in research and development over the next four to five years, according to The Hindu.
Founder and chairman Sudhir Mehta said the investment will support increased manufacturing capacity and the expansion of domestic and overseas footprints. The company on Friday inaugurated six new manufacturing plants in Maharashtra and Madhya Pradesh, raising its annual production capacity to 40,000 vehicles.
The expanded capacity includes 24,000 small commercial vehicles, 10,000 buses, and 6,000 trucks. Mr. Mehta stated that the company aims to scale up sales to match this capacity by 2030.
A subsidiary of Pinnacle Industries, EKA Mobility has invested ₹3,500 crore in the business so far. The company currently has strategic partners Mitsui & Co of Japan and VDL Groep from the Netherlands.
EKA Mobility, which has a presence in Nepal and Zanzibar, aims to raise exports to 20-30 per cent of total sales. Mr. Mehta said the company is exploring opportunities in African markets, including Ghana, Ethiopia, and Uganda.
The company has an order book of more than 11,000 buses valued at $1.7 billion across 14 states. Mr. Mehta also noted that limited availability of financing remains a constraint to faster industry adoption.