Montra Electric Set to Launch New Electric SCV Through Tivolt Electric
Chennai-based Murugappa Group is expanding its horizons by entering the electric small commercial vehicle (e-SCV) sector. Tivolt Electric Vehicles, a subsidiary of the group’s TI Clean Mobility (TICMPL), is gearing up to launch their e-SCV in the upcoming months. The group is currently channeling approximately Rs 3,000 crore into its electric vehicle initiatives through TI Clean Mobility.
This financial infusion comes shortly after TI Clean Mobility finalized a deal to secure Rs 580 crore from the private equity firm GEF Capital Partners LLC. Following the completion of this deal, the total funding will reach a substantial Rs 2,530 crore.
Strategic Moves and Market Positioning
Vellayan Subbiah, the Executive Vice Chairman of Tube Investments of India (TII), highlighted the strategic advances of TICMPL in the EV sector. “India is on track to become a global leader in electric vehicle adoption, trailing only behind China. With a robust investment of three thousand crores, we are actively developing four platforms, including our successful MHCV truck and EV three-wheeler,”
Subbiah stated.
The launch of this new vehicle is set to revolutionize India’s mid-mile and last-mile mobility sectors with its advanced technology, unique design, robust performance, and superior durability.
Research, Development, and Future Prospects
TICMPL, established in February 2022 as a subsidiary of Tube Investments of India, has been focused on clean mobility solutions. By adding e-SCVs to their portfolio, TICMPL is positioning itself to offer comprehensive mobility solutions for enterprises and logistics companies, catering to their diverse needs from intercity and intracity to last-mile applications.
“The upcoming Small Commercial Vehicle (SCV) platform excites me the most,” Subbiah expressed enthusiastically. “SCV is the largest category in the commercial vehicle segment, and our entry into this market is particularly thrilling. With supportive policies, government initiatives, and rising adoption rates, this segment is ripe for rapid adoption of EVs. We are committed to becoming the leading player in this segment in India.”
Commitment to Eco-Friendly Mobility
Montra Electric symbolizes the group’s commitment to enhancing life through sustainable mobility solutions, heralding a new era of growth and innovation. “The electric vehicle industry is undergoing an exciting phase of development globally. We have invested significant resources and time to develop this product, and we eagerly anticipate customer feedback upon its launch in the near future. At Montra Electric, our aim is to provide products and solutions that are beneficial for both our customers and our business, emphasizing practicality and sustainability,” Subbiah concluded.
