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TI Clean Mobility Pvt Ltd (TICMPL), the electric vehicle arm of Tube Investments of India Ltd under the Murugappa Group, is gearing up to launch an electric small commercial vehicle (SCV) and an electric tractor within the next two to three months. The company is also expanding its dealer network for electric three-wheelers across new regions nationwide to increase volumes and strengthen market share.
According to TICMPLs management during its Q2FY25 earnings call, the electric SCV and tractor are in the final stages of testing, with prototype, beta, and customer trials underway, and full market readiness anticipated within the next quarter. Additionally, TICMPL plans to launch a cargo version of its electric three-wheeler in the coming months, having received positive feedback from early trials with select users.
The company’s passenger electric three-wheeler, Montra, has already achieved a market share of 24-25% in southern India, thanks to high customer satisfaction. TICMPL now aims to replicate this success in northern markets by expanding its dealer network and enhancing the customer experience. Currently, TICMPL operates through 83 dealerships in 60-65 cities, with plans to reach 150 dealers by the end of the fiscal year. The expansion is focused on northern, eastern, and western regions, with Letters of Intent (LOIs) issued to several new dealers.
In Q2, TICMPLs sales rose to 2,033 three-wheelers from 1,763 in Q1, boosting turnover from ?68 crore to ?79 crore. Sales of IPL Tech vehicles also grew, with units sold increasing from 29 in Q1 to 42 in Q2, lifting revenue from ?33 crore to ?46 crore. This contributed to a consolidated e-mobility turnover of ?146 crore in Q2, up from ?117 crore in Q1.
Management noted that while input costs have declined, intense competition in the electric three-wheeler segment has tempered these benefits. The company expects the reduced costs to positively impact other EV segments in the coming quarters. |
