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TUBE INVESTMENTS OF INDIA LTD. (TII) plans to unveil electric heavy commercial vehicles next month, followed by small electric tractors, executive vice chairman Velayan Subbiah said.
This will be the Murugappa Group’s second electric vehicle venture, the first being an e-three wheeler under the Montra brand in September.
As part of its strategy to pursue clean mobility opportunities, TII’s subsidiary TI Clean Mobility Pvt. Ltd bought 65.2% equity stake in Gurgaon-based IPLTech Electric (IPLT) in September. The company manufactures electric heavy commercial vehicles.
Initially, TII plans to sell a limited number of trucks — about 30 to 50 per month, Mr. Subiah said during an earnings call.
Noting that there has been tremendous response in terms of interest in the new product, he said the company is working on a new facility which will be ready by Q1 of FY24 and will enable them to produce higher volumes.
In January, TII acquired Hyderabad-based Celestial E-Mobility, a firm that manufactures electric tractors. TII will unveil the small tractor in the last quarter of this year or the first quarter of FY24, he added.
On whether heavy commercial vehicles and tractors should be brought under the Centre’s fast-track adoption and Electric and Hybrid Vehicles in India (FAME) scheme, he said, “Basically, these are what we started with the government. It’s kind of curious why there’s no reputation for heavy commercial vehicles.”
“We are in active discussions with the government on this issue,” he added.
On financing for three-wheelers, he said, TII had three tie-ups, with banks and NBFCs and many more were in the pipeline.
For trucks, the company had financing in place and was looking to develop two more, while for tractors, TII had two tie-ups.
KK Paul, MD, TI Clean Mobility, said the new vehicles will initially be launched in Tamil Nadu, Kerala, Andhra Pradesh and Telangana and other states in the first quarter of next year.
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