Murugappa Group Enters In India's EV Market, Will Offer Cargo Three-Wheeler & E-Auto
The Murugappa Group plans to enter the EV market in India with its existing Montra brand. It will also offer cargo three-wheelers and e-autos.
A new member will be added to India's EV market, the Murugappa Group. It entered the EV market with its existing Montra brand in the last-mile commute, last-mile delivery and personal mobility vehicle segments. TI Cycles of India (TII), a subsidiary of the 121 years old Murugappa Group, has recently announced its entry into the EV market with its Montra brand in the last-mile commute, last-mile delivery and personal mobility vehicle segments.
TII's first venture will be in the 3-wheel electric autos under last-mile commute, expected to be launched in the first quarter of FY 2022-23. In addition, the company will introduce 3-wheeler electric cargo vehicles in last-mile delivery. TII has already launched e-bicycles in the personal mobility segment.
Commenting on the announcement, Vellayan Subbaiah, MD of Tube Investments of India, said, "We have been an integral part of the mobility industry through our automotive body/components, bicycle and manufacturing businesses. Our foray into electric vehicles is a step forward in line with our long-term vision of becoming an integral part of electric mobility and revolutionizing the automotive segment through product lines and creating an ecosystem for the segment to thrive. The Montra logo has been designed to symbolize our brand value and long-term ambition".
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