Murugappa Group To Enter  Electric Three-Wheeler Market

Leading diversified Murugappa Group, a Chennai-based conglomerate has announced that the brand is foraying into electric three-wheeler manufacturing. The brand has mentioned that it has plans of entering the electric vehicle space by forming a new entity. As a matter of fact, Murugappa Group has a newly constructed entity, TI Electric Mobility under Group company Tube Investments of India (TII) which manufactures bi-cycles in India. 

This news comes in when most of the automobile industry is considering a shift from manufacturing internal combustion-based vehicles to making electric vehicles. As you may know, the automotive industry is now leaning towards cleaner and more efficient means of mobility. At this juncture, Murugappa Group is focused on taking a big chunk of profits from the electric three-wheeler market which is booming in India.  

Moreover, the battle will be between the leading electric three-wheeler manufacturers like Mahindra, Piaggio and other considerably big startups like Euler Motors, OMEGA SEIKI MOBILITY and Altigreen among others, since they are already a major part of the growing electric vehicle market in India. 

In the last financial year, Mahindra kept the lead in the electric three-wheeler market with almost 70 per cent market share among the commuter segment and 52 per cent in the cargo carrier segment. 

Further, the TII has hinted that customers can expect a market launch by the end of August or by early September of 2022. TII has already designated a fund of Rs.200 Crore for the electric three-wheeler market plans. It has also stated that they will establish a 75,000 unit per annum production facility in Chennai as well. 

Arun Murugappan, Executive Chairman, TII, and Murugappa Group has mentioned in a media interaction that electric three-wheeler vehicles do not only serve as the key to future mobility but it is the future itself. He also mentioned that the details regarding the price of its products will be announced along the timeline of the market launch. Nonetheless, he has stated that the electric vehicle under the entity will be named “Montra”, which will be a premium product. 

Furthermore, he believes that the key to success in the electric three-wheeler market is “the distinctive and utility-led design, superior performance, ease of ownership because they play a major role in competing against the current market. He also stated that the company has plans of expanding its business pan-India, however, will be a gradual expansion across the country. 

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