Murugappa Group firm TI Clean Mobility is targeting a turnover of $1 billion in the next 4-5 years for which it will fast-track introduction of new electric vehicles, its Managing Director Jalaj Gupta said on Friday.
The company, which sells a range of electric vehicles, including heavy and small commercial vehicles, tractor and passenger three-wheelers under the 'Montra Electric' brand on Friday announced its foray into three-wheeler cargo segment.
"Our larger objective is to be a $1 billion turnover (firm) all put together... We are looking at a time frame of four to five years, FY29 or FY30, to achieve this," Gupta told PTI here.
In FY25, he said the company clocked a consolidated turnover of ₹650 crore.
The company has completed raising of ₹3,000 crore and currently investments are ongoing in various aspects, including new product development, he added.
In the next 6 to 12 months, he said the company is looking at adding an electric tractor in the 40-50 horse power (HP) segment to the existing 27 HP.
Besides, the company is planning to launch variants in the heavy commercial vehicle (HCV) segment, inducing tippers.
In the small vehicle segment (SCV), Gupta said TI Clean Mobility Pvt Ltd (TICMPL) is looking at electric ambulance to tap opportunity of subsidy offered by the government, besides electric bus on its existing 3.5 tonne platform.
As for electric three-wheelers, the company will look at entering e-rickshaw segment, while also considering to offer "either a lower or higher battery" option over and above its existing 10.6 kilowatt battery that powers the passenger autorickshaw at present, Gupta said.
On its $1 billion target, he said, "About 50 per cent should be coming from the HCV, 20 per cent from SCV, 20 per cent from three-wheeler and 10 per cent from tractor business." Further, Gupta said TICMPL has invested in four manufacturing units -- three in and around Chennai and one in Manesar, Haryana -- to produce its range of electric vehicles.
"We have already created capacities which we feel are sufficient to take care of at least next couple of years," he noted.
The HCV facility at Manesar has an annual capacity of up to 6,000 units.
For SCV, the company has an annual capacity of 50,000 units and the three-wheeler capacity is 70,000 units across passenger and cargo variants.
Gupta said the company's electric tractor production capacity is 25,000 units per annum.
TICMPL's new electric three-wheeler SUPER CARGO prices start at ₹4.37 lakh (ex-showroom Delhi, post-subsidy) and marks the company's entry in the highly strategic last-mile delivery space.
It has a range of over 200 km on standard testing conditions and real-life range of 170 km, the company said.
It is powered by a 13.8 kWh lithium-ion battery and will also be available with a 15-minute 100 per cent charging option.
In the three-wheeler segment, the company has a presence in 101 different markets in India and plans to reach 150 markets in FY26. It has sold over 10,000 units so far.