How has been your journey so far with your EV products? Are they making profit as you expected?
The journey has been an exciting one. The concept of EVs has been around for a really long time, but it has drawn significant interest and innovation only in the past few years. And we have been fortunate to be able to be a part and enabler of this revolutionary transition.
Our products are being very well received and appreciated by the customers, and the initial feedback and performance have been encouraging and promising. Our nine-meter zero-emission electric bus was launched recently and received all certifications and approvals immediately after. We are currently rolling out the first batch of these buses to select customers.
We are focusing on building products that are efficient, reliable, and profitable. We strongly believe that electric vehicles will undoubtedly be more profitable and sustainable if made with the right technology and as per the end-use application.
With respect to the profitability of our vehicles or electric commercial vehicles in general, is the assessment of the total cost of ownership (TCO). The more an electric commercial vehicle is driven, the greater the decline in TCO per kilometre, the same is the case with our vehicles as well. Due to the lower running and maintenance costs, the TCO of our electric bus will drop faster than the TCO of a conventional ICE bus. It is, however, too early to assess. We are confident of our product’s performance, efficiency, and most importantly, safety and reliability as our products are truly ‘Made in India’, be it the design, technology, or components, profitability will definitely follow in the due course.
What are your future products? What will be their range in terms of distance as there is still anxiety among owners and what will be the price band of upcoming products?
We are planning to launch a range of light commercial vehicles soon, that will offer a 50-percent reduction in the total cost of ownership and will be a game-changer in the last-mile delivery vehicle segment. However, it is still early to share the range and price point at this moment, as we have our energies focused on completing all certifications, approvals, and required testing.
We are a proud Indian company and we completely embrace and believe in the power and potential of Make in India. Nation-building, sustainability, and profitability are ingrained in our company’s DNA. Our concept and products are entirely Made in India for India and the World, that is why we like to call it #BharatKiEKA
The Government of India’s PLI scheme is helping boost domestic manufacturing of advanced automotive technology products, this will reduce import dependence and help overcome cost disabilities by creating economies of scale. We have built a robust supply chain indigenously and are extremely bullish on our concept of making products completely in India. Our company, EKA, aka, Pinnacle Mobility Solutions is a subsidiary of Pinnacle Industries Limited and is one of the only two OEMs approved under the Auto PLI scheme for both, components & OEMs.
I don’t think that the charging infrastructure is a bottleneck in EV adoption for the commercial vehicles segment. In India, we have enormous bus depots that can very easily accommodate charging facilities, many have done that already. The increasing adoption of electric 2W & 3W has answered the chicken-and-egg problem of EV adoption. Now it is more to do with providing cost-effective and efficient solutions, besides overcoming grievances related to charging and accessibility.
With EKA, we are unleashing an array of innovations, such as mobility-as-a-service, new energy vehicles, advanced battery technology, profitable last-mile delivery vehicles, in-house vehicle control software solutions, revolutionary smart lean factories concept, vehicle, and battery recycling, modular vehicle platforms and components. We have created a new ecosystem of technology, manufacturing, and distribution of electric commercial vehicles. And this know-how and resources will be shared in a democratised manner to further optimise costs and increase the viability of electric vehicles. Our vision is to become a global volume leader in commercial electric vehicles that accelerate development and benefit businesses in a sustainable manner.
Until and unless we develop and share the right EV products, technology, and manufacturing solutions, we will not be able to transform this segment for mass adaptation. With a Total Cost of Ownership (TCO) that’s lower than existing diesel-engine buses and other commercial vehicles, our products pioneer in delivering both, sustainability, and profitability.