TI Clean Mobility, a part of the multifaceted conglomerate Murugappa Group, would introduce its electric tractors and three-wheelers under the Montra brand this year, said a top company official.
TI Clean Mobility is a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company.
According to Tube Investments of India Executive Chairman Arun Murugappan, the company has set aside Rs 200 crore for the new venture, which would first manufacture its products locally to service the domestic market.
"The three-wheelers will be ground-breaking products with a portfolio of numerous categories, distinctive and outstanding performance, and cutting-edge customer-focused technology as Montra electric vehicles are shortly to be released. The mission of our business is to provide eco-friendly mobile solutions that enhance quality of life. Affordable, integrated, and innovative solutions now occupy the forefront "He informed the press.
One of the fastest-growing industries globally, the electric three-wheeler market was predicted by Murugappan to reach USD 1.7 billion by 2025.
"Three-wheeled electric vehicles are a fantastic option for both passenger and commercial last-mile applications. The three-wheeled electric vehicles can cut carbon emissions by 13 tonnes per 100 kilometres " he said.
At its plant close to Chennai, the company would build 75,000 vehicles throughout the first year. According to him, it will eventually increase capacity and include both passenger and cargo vehicles.
"We already have space in the Ambattur cycle factory. The introduction of these vehicles will take place gradually throughout all Indian states; the three-wheeler will debut by the end of August or early September "said Murugappan.
He wouldn't say how much the vehicle cost but did say that the company has a 40-location distribution network that will grow to 100 by the end of the year.
In terms of the price, he said, "we will announce it closer to the debut date."
When questioned about keeping the Montra name, he replied, "The brand that we currently own is Montra. E-bikes are available under the Montra brand. For the electric platform, we maintain our Montra brand ".
According to Murugappan, the initial investment for the electric vehicle industry is around Rs 200 crore.
"We just established TI Clean Mobility as a subsidiary to concentrate on the electric vehicle market. We are looking into other growth opportunities, and we'll be launching three products.
The previous three years have been spent developing this product. It was created internally. And we uniquely design this product based on customer requirements and environmental considerations," he said.
Celestial, an electric tractor manufacturer based in Bengaluru, has been purchased by Tube Investments of India.
"In addition to making electric tractors and three-wheelers, we'll also be on the lookout for new platforms in the future. A plant for Celestial Tractors is being built outside of Chennai" he said.
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