TI Clean Mobility (TCM), a subsidiary of Tube Investments of India (TII) and a Murugappa Group Company, entered the electric vehicle segment with the launch of Montra Electric three-wheeler Auto in Chennai on Tuesday.
The launch is part of the group’s strategy to focus aggressively on electric vehicles, by introducing e-three-wheeler products under the brand Montra Electric, electric tractors under the Celestial Egat brand, and electric heavy commercial vehicles through the brand Rhino 5536.
The firm had announced in August that it will be investing about Rs 1,000 crore to create at least four platforms in the EV segment. The price of the Montra electric 3W range will start from Rs 3,02,000 (ex-showroom post-subsidy). The vehicle will be available in over 100 dealerships across the country. TII has a share of about 25 percent in India’s bicycle market and makes iconic brands such as BSA and Hercules.
“We’ve invested our best resources and time to develop this product…With Montra Electric we are striving to attain carbon neutrality. Electric 3W is one of the EV segments with the biggest growth potential,” said Arun Murugappan, Executive Chairman, Tube Investments of India.
He had said recently that the electric three-wheeler market will touch $1.7 billion by 2025 from $800 million currently and hence the firm is betting big on the segment.
“This segment will have a significant impact on India’s effort to achieve net zero carbon emissions by the year 2070. We believe it is our duty, as a clean mobility pioneer and indigenous business house, to collaborate with the Indian government to help realize its vision for a sustainable future,” he said.
The company said its new vehicle is set to revolutionize last-mile mobility in India, with its distinct looks, powerful performance, and robust build quality.
Manufactured in TI Clean Mobility’s unit at Ambattur, Chennai, the Montra Electric 3W will be available in phases across the nation, starting in South India. The plan is to initially come up with a capacity of 75,000 units per year. Montra Electric 3W is packed with innovation and several industry-firsts, including a 10 kWh battery pack, a superior range of 197 km, peak torque of 60 Nm, and a top speed of 55 Kmph.
“Safety & endurance is a top priority. The Montra Electric 3W is manufactured using superior materials, delivering complete peace of mind. The segment-leading performance is complemented with super comfort using the double-fork front suspension, a car-like driver’s seat, and better cushioning,” said K K Paul, managing director, TCM.