This will be the second venture of Tube Investments of India in the electric vehicle category, the first being an e-three-wheeler under the Montra brand.
November 18, 2022
Tube Investments of India Ltd. (TII) is all set to introduce electric heavy commercial vehicles. This launch will be followed by small electric tractors, as informed by Mr. Vellayan Subbiah, Executive Vice Chairman, TII (Murugappa Group).
This will mark the second venture by the Murugappa Group in the electric vehicle category, the first being an e-three-wheeler under the Montra brand.
Within TII’s vision to boost its presence in clean mobility, TII’s subsidiary TI Clean Mobility Pvt. Ltd. acquired 65.2 percent equity stake in IPLTech Electric (IPLT) in September. Gurgaon-based IPLTech Electric is a manufacturer of electric heavy commercial vehicles.
Firstly, TII will sell a limited number of trucks – about 30 to 50 a month, as stated by Mr. Subbiah during an earnings call.
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He said there has been a tremendous response in terms of interest in the new product. Also, the company was working on a new facility that would be ready by Q1 of FY24, enabling them to produce higher volumes.