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Murugappa Group’s electric vehicle company, TI Clean Mobility Private Ltd (TICMPL), a subsidiary of Tube Investments of India Ltd (TII), reported a loss before tax for FY24, along with its two subsidiaries, while one subsidiary recorded a profit before tax for the period.
TICMPL, incorporated in February 2022, clocked a revenue of ₹123 crore on a standalone basis but incurred a loss before tax of ₹98 crore. The company operates four business units within electric mobility: 3-wheelers, tractors, heavy commercial vehicles, and small commercial vehicles, according to the latest TII annual report.
IPLTech Electric Private Ltd, a TICMPL subsidiary, reported ₹33 crore in revenue and a loss before tax of ₹106 crore. Another subsidiary, TIVOLT Electric Vehicles Private Ltd, recorded a loss before tax of ₹57 crore from the date of incorporation (July 2023).
However, Jayem Automotives Pvt Ltd, a subsidiary of TICMPL, recorded a revenue of ₹79 crore and registered a profit before tax of ₹7 crore from the date of acquisition (August 2023).
Launch plan
TI Clean Mobility is gearing up to launch an electric cargo three-wheeler, an e-rickshaw, and a 4-wheeled electric small commercial vehicle during this fiscal. The company introduced its electric autorickshaw ‘Montra’ in September 2022 and began retailing it in the first quarter of the last fiscal year, produced at a factory in Ambattur, Chennai.
M A M Arunachalam, Executive Chairman, Tube Investments of India Ltd
“While the electric three-wheeler is performing well in southern markets and is presently entering the northern market, the electric heavy commercial trucks are in the early stages of their sales cycle. The other products of TI Clean Mobility, including tractors and small commercial vehicles are undergoing homologation and reliability testing,” M A M Arunachalam, Executive Chairman, TII, said in the report.
The Montra Electric passenger auto has captured a significant market share in the southern EV market. According to Vahan data, TI Clean Mobility is reported to have sold about 4,000 units of Montra 3-3Ws. It plans to roll out the Montra electric cargo model this fiscal and later enter the e-rickshaw segment.
Through its subsidiary TIVolt Electric, TI Clean Mobility is preparing to introduce electric small commercial vehicles (e-SCVs) to meet the growing demand for eco-friendly urban transport solutions in last-mile connectivity. A new manufacturing facility is coming up at Gummidipundi, near Chennai for manufacture of the e-SCVs in the range of 2T to 3.5T. The first vehicle that will hit the market is currently in the testing phase and is slated for market during the first half of this fiscal.
TI Clean Mobility will also launch electric tractors powered by swappable, rechargeable batteries. Currently undergoing tests and trials, the e-tractors will be available in three variants and initially launched in Gujarat, Maharashtra, Karnataka and Tamil Nadu. A robust dealer and service network is under development, with a production facility being established at Apex Park in Chembarambakkam, Chennai.
“We foresee immense growth opportunities in the EV segment. TI Clean Mobility has completed its targeted fund raise of ₹3,000 crore from TII and other investors to support its diverse electric vehicle ventures, said Mukesh Ahuja, Managing Director of TII.
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