TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle division of Tube Investments of India Ltd under the Murugappa Group, is preparing to launch its electric small commercial vehicle (SCV) and tractor within the next two to three months. Alongside this, TICMPL is intensively expanding its dealer network for its electric three-wheeler in new regions across the country to boost volumes and market share.

“Both the electric SCV and the farm tractor are on track to be launched within the upcoming quarter. We’re currently in the final phases of testing—prototype, beta, and customer trials—with fuel validation also progressing smoothly. These products should be ready for the market in two to three months,” stated the company’s management during its Q2FY25 earnings call.

Additionally, TICMPL is preparing to introduce a cargo version of its electric three-wheeler in the next few months. The company has already completed some initial trials with select end-users, generating positive feedback and valuable insights to finalise the product.

Meanwhile, TICMPL is extending the reach of its passenger electric three-wheeler, Montra, beyond the southern markets where it has established a solid base. In the South, Montra has gained a 24-25per cent market share, driven by its appealing features and customer satisfaction. The company is now aiming to replicate this success in northern markets, where it is working to deliver a complete customer experience and tailored solutions. “We’re confident that our strategy will enable similar growth and acceptance outside our home market,” management noted.

Currently, TICMPL operates through 83 dealerships across 60-65 cities for retailing Montra, with plans to grow this network to 150 dealers by the end of this fiscal year. “Our dealer expansion is progressing well, especially in the North, East, and West regions, and we’ve already issued Letters of Intent (LOIs) to several dealers. We’re on track to hit our target by March,” management stated.

In terms of performance, TICMPL sold 1,763 three-wheelers in Q1, increasing volumes to 2,033 units in Q2, which helped drive turnover from ₹68 crore to ₹79 crore. Sales of the IPL Tech vehicle also rose, with units sold growing from 29 in Q1 to 42 in Q2, leading to a revenue increase from ₹33 crore to ₹46 crore. Consequently, consolidated e-mobility turnover climbed from ₹117 crore in Q1 to ₹146 crore in Q2.

Management indicated that while input costs have declined, these are still not reflected in the electric three-wheeler business given the rising competitive intensity in the segment led by the entry of large OEMs. The benefits of lower input costs are expected to positively influence other EV segments in the upcoming quarters.

Related Topics