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Market Chatter: Mitsui Begins Exporting Indian-Made Electric Buses to Africa

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Japanese trading firm Mitsui & Co (TYO:8031) began exporting EKA-brand electric vehicle buses manufactured by India's Pinnacle Mobility Solutions to Africa to compete against automakers like BYD (HKG:1211, SHE:002594), Nikkei Asia reported Monday.

To meet the demand for the same and bank on low-cost production, a new plant will be built in Pithampur with an investment of 15 billion yen. The plant is estimated to double the annual production capacity to 10,000 vehicles, the report said.

Buses will be assembled at partner facilities in Africa to lower tariff costs. Mitsui aims to establish assembly facilities in Ethiopia, Ghana and South Africa, while looking into establishing similar facilities in Ivory Coast and Uganda, it said.

Shares of Mitsui & Co rose nearly 1% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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