According to a senior executive, the Murugappa Group will launch a brand of electric three-wheelers called Montra by September. It will also invest Rs 200 crore into this segment.
The electric vehicle business is under TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India, which makes bicycle brands such as Hercules or BSA. It is also a part of the Murugappa Group.
TCM will manufacture electric tractors this year through Cellestial E-Mobility. TCM purchased a controlling stake in 70% of the company for Rs 161 crore.
“Montra electric three-wheelers are expected to be launched in August-September of this year. Arun Murugappan (executive chairman of Tube Investments) stated that they will invest around Rs 200 crore in electric three-wheelers. Montra will launch in both passenger and cargo segments.
Murugappan stated that the company anticipates the electric three-wheeler market reaching $1.7 billion by 2025. The company will produce Montra three-wheelers at its Ambattur plant in Chennai, and tractor on the outskirts of Chennai. The initial three-wheeler capacity will be approximately 75,000 units per annum.
Murugappan stated that distributions will begin at 40 locations, and then will increase to 100 by the end of this year. The company is looking for more growth opportunities in electric vehicles and the new subsidiary TI Clean Mobility, will soon be launching three products. Montra was chosen by the company because it already has e-bikes with the same name, and they want to keep using the name.
Cellestial, according to the company, offers many advantages for electric tractor plans, including swappable battery and regenerative brakes as well as power inversion and charging from a residential AC socket.
Murugappan stated that the company is focusing on the domestic market for EV products, and has entered into strategic partnerships for the supply of component parts. All components of our products will be sourced locally. Murugappan said that strategic partners are also being used to ensure the availability of semiconductors.
As an EV player, TII will have an established supply chain with 3500 bicycle dealers and 190 retail outlets under the brand Track & Trail’ that the company can use in the early stages of its EV venture.