Murugappa Group Arm Tube Investments Of India Set For Big EV Push

The Tube Investments of India (TII),  an arm of Chennai-based Murugappa Group has announced its expansion in the electric vehicles segment through a series of launches in coming months. These launches include a three-wheeler cargo, rickshaw, tractors and four variants of electric heavy commercial vehicles (HCVs).

The INR 74,200 crore conglomerate, renowned for producing iconic BSA and Hercules cycles, has announced a substantial expansion into the electric vehicle (EV) market. This strategic venture follows the conglomerate’s recent foray into the electric vehicle segment.

The company, operating through its subsidiary TI Clean Mobility Private Ltd (TICMPL), has already made a significant mark with its L5M or passenger category three-wheeler, commanding a notable 32 per cent market share in South India under the Montra Electric brand. Additionally, the company has successfully introduced HCVs under the brand name Rhino.

Managing Director of TICMPL, Kalyan Kumar Paul, declared the company's intent to diversify its EV offerings beyond L5M. Paul stated, “In the next three months, we will be introducing a Cargo version, followed by an e-rickshaw.”

The conglomerate is strategically targeting key markets, including Uttar Pradesh, Bihar, Assam, Tripura, Kerala, and Jammu & Kashmir, which collectively contribute to 70 per cent of the industry volume. To achieve this, TICMPL plans to appoint dealers in these crucial regions, with a target of expanding from the current 47 dealers to 75 by the end of the year.

Not stopping at three-wheelers, TICMPL is poised to enter the tractor market. The company is in the homologation process for its 27 horsepower equivalent product under the Montra brand, with plans to launch it in the market by April-May 2024-25.

Paul also revealed the progress in small commercial vehicles (SCVs), stating, “Prototypes are being built, alpha vehicles are undergoing road testing, and by April or June next year, we should be in the market after the homologation process.”

The company has already initiated trials for trucks, leveraging its existing customer base. Paul emphasized the varied applications of the trucks, with four different variants tailored to meet diverse usage conditions. There are considerations to introduce Montra brand heavy commercial vehicles (HCVs) in the future.

TICMPL has outlined an ambitious long-term roadmap for 2027-28, aiming for a 15-20 per cent market share across all chosen segments. The conglomerate is also set to position the Montra brand as the focal point for its EV initiatives. Paul affirmed, “Montra Electric will be the brand for almost all our offerings, including two-wheelers and tractors, emphasizing our commitment to a sustainable and electric future.”