Tube Investments of India Gears Up for Major EV Expansion

Tube Investments of India (TII), a subsidiary of the Chennai-based Murugappa Group, is preparing to broaden its footprint in the electric vehicle (EV) sector with a slew of launches in the pipeline. The upcoming launches include a three-wheeler cargo, rickshaw, tractors, and four variants of electric heavy commercial vehicles (HCVs).

This EV expansion initiative by the Rs 74,200 crore conglomerate, known for manufacturing the iconic BSA and Hercules cycles, comes a few months after it enters into the EV segment. Currently, the company has a 32% market share in South India with its L5M or passenger category three-wheeler under the Montra Electric brand and an HCV under the Rhino brand. These EV initiatives are being undertaken through its subsidiary, TI Clean Mobility Private Ltd (TICMPL).

Kalyan Kumar Paul, Managing Director of TICMPL, stated, "We are not just going to remain with L5M in three-wheelers, we are going to come up with a Cargo version in the next three months, followed by e-rickshaw." The company aims to penetrate high-performing markets aggressively, including Uttar Pradesh, Bihar, Assam, Tripura, Kerala, and Jammu and Kashmir, which account for 70% of the industry volume. The company currently has 47 dealers, with a goal to increase this to 75 by the end of the year.

In addition, the company is in the process of certifying its tractors, which are expected to hit the market by the April-May period of 2024-25. "In tractors, we are in the process of homologating our first product, which is a 27 horsepower equivalent. We are currently building the prototypes for field trials and homologation. It will be with the Montra brand name. In the small commercial vehicles, we are building prototypes and testing the alpha vehicles on the road. Once we have tested this, we will be sending for homologation, and by April or June of next year, we should be in the market," added Paul.

Regarding trucks, the company already has a customer base and has conducted trials. "There is a certain set of numbers already on the road. For Rhino, orders are being placed, and we are in the process of supplying them. We are building about four variants of trucks that take care of different usage conditions," said Paul. The company is also considering introducing HCVs under the Montra brand.

TICMPL has agreed to a long-term roadmap for 2027-28. We want to capture a 15-20% market share in all its chosen segments. The company plans" to focus on the Montra brand in the long run. "We want to use Montra Electric for almost all our offerings. Now, Two-wheelers and tractors will come with Montra electric, and SCV will also come with that. At some point in time, we will rechristen that at some point of time. We are building Montra Electric as the brand for the EV initiative," Pau" concluded.