TI Clean Mobility Prepares for e-Small Truck & e-Tractor Launches, Expanding Dealer Network for e-3Ws

Key Highlights

• TI Clean Mobility to launch electric small commercial vehicle and tractor in the next 2-3 months.
• Expanding dealer network for electric three-wheelers across northern, eastern, and western India.
• Montra electric three-wheeler captures 24-25% market share in the South, now targeting northern regions.
• 83 dealerships in 60-65 cities, aiming for 150 dealerships by March 2025.
• Sales and revenue growth: e-3w sales grew from 1,763 units in Q1 to 2,033 units in Q2.

TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle arm of Tube Investments of India Ltd, is gearing up for the launch of its electric small commercial vehicle (SCV) and farm tractor within the next 2-3 months. This exciting development comes as TICMPL also works on expanding its dealer network for its electric three-wheeler (e-3W) across the country.

The company has confirmed that both the electric SCV and farm tractor are in the final stages of testing. “We are now completing prototype, beta, and customer trials, with fuel validation progressing smoothly. Both products will be ready for the market in the next quarter,” the company shared during its recent Q2FY25 earnings call.

Along with these new product launches, TICMPL is introducing a cargo version of its electric three-wheeler. Initial trials with select end-users have been positive, providing valuable feedback to fine-tune the product for a successful release.

Expansion of Electric Three-Wheeler Market

TICMPL’s flagship electric three-wheeler, the Montra, has already gained significant traction in the southern markets, capturing 24-25% of the market share. The company now aims to expand Montra's presence in northern regions, where it plans to deliver a full customer experience and tailored solutions. “We’re confident our strategy will help us replicate the success we’ve seen in the South,” the company’s management added.

Currently, TICMPL operates 83 dealerships across 60-65 cities to retail the Montra. The company plans to expand this network to 150 dealerships by the end of this fiscal year, with a special focus on the North, East, and West regions. The company has already issued Letters of Intent (LOIs) to several dealers and is on track to meet its target by March.

Strong Growth in Sales and Revenue

TICMPL has reported strong growth in its sales numbers. The company sold 1,763 electric three-wheelers in Q1, which increased to 2,033 units in Q2, driving a revenue rise from ₹68 crore to ₹79 crore. Sales of the IPL Tech vehicle also grew, with units sold rising from 29 in Q1 to 42 in Q2, contributing to a revenue increase from ₹33 crore to ₹46 crore. Overall, the company’s consolidated e-mobility turnover jumped from ₹117 crore in Q1 to ₹146 crore in Q2.

Looking Ahead: Competitive Growth in the EV Market

While the company has faced rising competition in the electric three-wheeler segment, mainly due to the entry of large Original Equipment Manufacturers (OEMs), it remains confident that the benefits of lower input costs will positively affect other EV segments in the coming quarters.

As TI Clean Mobility pushes forward with its exciting plans, it aims to further solidify its position in the growing electric vehicle market and meet the increasing demand for sustainable transportation solutions across India.

CMV360 Says

TI Clean Mobility is poised for significant growth with the upcoming launch of its electric small commercial vehicle and tractor. Expanding its dealer network and increasing sales of its electric three-wheelers, the company is well-positioned to strengthen its presence in India’s competitive electric vehicle market in the coming months.