TI Clean Mobility Targets $1 Billion Turnover with Aggressive EV Expansion by FY2030

Montra Electric Enters Cargo Segment, Plans New Tractors and HCVs

TI Clean Mobility Pvt Ltd (TICMPL), a Murugappa Group company, is aiming to become a $1 billion turnover firm within the next 4 to 5 years. With a fast-paced strategy to introduce multiple new electric vehicles, the company is doubling down on growth in the EV space through its flagship brand Montra Electric, which currently offers electric tractors, commercial vehicles, and three-wheelers.

On Friday, Managing Director Jalaj Gupta confirmed the company's strategic roadmap while announcing their entry into the electric three-wheeler cargo market with the launch of Montra Electric SUPER CARGO.

Key Highlights of TI Clean Mobility's Strategic Expansion

The company is aligning its product roadmap, manufacturing scale, and market reach to drive rapid growth in the electric mobility space.

• $1 Billion Target by FY30: TICMPL is aiming to hit this milestone by FY29 or FY30. In FY25, it clocked ₹650 crore in turnover.
   
• Launch of SUPER CARGO: A new electric three-wheeler cargo model with a real-life range of 170 km, priced from ₹4.37 lakh (ex-showroom, Delhi, post-subsidy).
   
• Electric Tractor Expansion: New 40–50 HP models to be launched in the next 6–12 months, expanding the lineup beyond the existing 27 HP version.
   
• Heavy Commercial Vehicle (HCV) Variants: Plans to launch tippers and other HCV options.
   
• Focus on SCVs and Electric Ambulances: TICMPL is exploring ambulance models to tap government subsidies.
   
• Wider Three-Wheeler Options: Company plans to offer more battery variants in its e-rickshaws, expanding beyond the current 10.6 kWh model.
   
• Manufacturing Footprint: Four plants—three near Chennai and one in Manesar—with annual capacities of:
   
  • 6,000 units for HCVs
     
  • 50,000 units for SCVs
     
  • 70,000 units for three-wheelers
     
  • 25,000 units for electric tractors
     
• Retail Presence & Sales: Already active in 101 markets across India, targeting 150 by FY26. Has sold over 10,000 units to date.

Statements from Leadership

“Our larger objective is to be a $1 billion turnover company, all put together,” said Jalaj Gupta, Managing Director of TI Clean Mobility. “We are looking at a time frame of four to five years, FY29 or FY30, to achieve this.”

On the company’s product roadmap, Gupta added, “We’ve completed raising ₹3,000 crore and are currently investing across different verticals—especially in new product development. We’re actively working on expanding our electric tractor range and entering new segments like electric ambulances and buses on the 3.5-tonne platform.”

He further stated, “About 50% of our future revenue is expected from HCVs, 20% each from SCVs and three-wheelers, and 10% from tractors.”

Outlook on Future Mobility

TI Clean Mobility's focused expansion strategy signals a strong commitment toward electric mobility across commercial and agricultural segments. With fresh investments, new product launches, and a broadened market reach, the company is positioning itself as a serious player in India's growing EV market. The entry into high-potential segments like cargo three-wheelers and electric tractors is expected to drive sustained growth and help it reach the ambitious $1 billion target by FY30.

As the EV ecosystem continues to mature in India, TICMPL’s strategic bets and manufacturing capabilities could give it a first-mover advantage in several niche markets, reinforcing its long-term vision for clean, connected, and commercially viable electric mobility.

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