Chennai’s Murugappa Group, through its subsidiary Tube Investments of India (TII), is poised to significantly broaden its footprint in the electric vehicle domain. The conglomerate, recognized for its iconic BSA and Hercules cycles, is gearing up for an aggressive expansion strategy, unveiling a diverse range of electric vehicles in the coming months.
Current Ventures: Tube Investments of India (TII) has already made strides in the EV market with the Montra Electric brand’s L5M three-wheeler, securing a notable 32% market share in South India. Additionally, the brand has marked its presence in the heavy commercial vehicle (HCV) segment with the Rhino brand, showcasing the conglomerate’s commitment to a sustainable and electric future.
Upcoming Launches: The upcoming launches include a three-wheeler cargo version and an e-rickshaw, demonstrating Murugappa Group’s determination to diversify its EV portfolio. Kalyan Kumar Paul, Managing Director of TI Clean Mobility Private Ltd (TICMPL), affirms the company’s intention to expand beyond the L5M category, targeting key markets such as Uttar Pradesh, Bihar, Assam, Tripura, Kerala, and Jammu and Kashmir.
Market Expansion: Recognizing the significance of high-performing markets, TII plans to establish a robust presence in these regions, accounting for 70% of the industry volume. The conglomerate aims to appoint additional dealers, with a target of 75 dealers by the end of the year, reinforcing its commitment to cater to a broader consumer base.
Future Prospects: In the pipeline are tractors undergoing homologation, with the anticipated market debut in the April-May period of FY25. The Montra brand will spearhead the tractor line, offering a 27 horsepower equivalent. Simultaneously, prototypes for small commercial vehicles are under rigorous testing, aiming for market entry between April and June of the following year.
Conclusion: Murugappa Group’s foray into the electric vehicle sector showcases a strategic and comprehensive approach, emphasizing innovation and sustainability. As the conglomerate diversifies its offerings, the upcoming releases underscore its commitment to shaping the future of mobility in India.