TI Clean Mobility Private Ltd (TICMPL), part of the Murugappa Group and a subsidiary of Tube Investments of India Ltd (TII), is preparing to launch new electric vehicles (EVs). Despite reporting a loss before tax for the fiscal year 2024, TICMPL is pushing forward with its plans.
Financial Overview:
TICMPL reported ₹123 crore in revenue but a ₹98 crore loss before tax. IPLTech Electric Private Ltd, a TICMPL subsidiary, earned ₹33 crore but lost ₹106 crore before tax. TIVOLT Electric Vehicles Private Ltd, another subsidiary, recorded a ₹57 crore loss before tax since its start in July 2023. Jayem Automotives Pvt Ltd, also a subsidiary, earned ₹79 crore and made a ₹7 crore profit before tax since being acquired in August 2023.
New Launches: TICMPL will launch:
The company introduced the electric autorickshaw ‘Montra’ in September 2022, which has been performing well in southern markets and is expanding into northern markets. TICMPL has sold about 4,000 units of the Montra three-wheeler.
Future Plans:
The Montra electric cargo model will be launched this fiscal year. An e-rickshaw segment will follow. Through TIVolt Electric, TICMPL will introduce e-SCVs for urban transport. A new factory near Chennai will produce these vehicles, with the first model hitting the market in the first half of this fiscal year.
TICMPL will launch electric tractors with swappable, rechargeable batteries in Gujarat, Maharashtra, Karnataka, and Tamil Nadu. These e-tractors will be available in three variants. A robust dealer and service network is being developed, and a production facility is being set up in Chembarambakkam, Chennai.
TICMPL has raised ₹3,000 crore from TII and other investors to support its EV projects. Mukesh Ahuja, Managing Director of TII, sees great growth opportunities in the EV sector.
