TICMPL IS FOCUSING on four key EV segments: tractors, heavy commercial vehicles (HCVs), small commercial vehicles (SCVs) and three-wheelers. The company expects at least two of these businesses to achieve operational break-even in FY25, with electric three-wheelers among the frontrunners.
MONTARA ON THE FRONTLINE
“We are focused on vehicle integration, capacity building and enhancing software capabilities. Our Montra Electric three-wheelers are performing strongly in southern markets and gaining ground in the north,” said M A M Arunachalam, Executive Chairman, Tube Investments of India Ltd. Montra Electric continues to assert its position in the last-mile mobility space with its electric three-wheeler portfolio. In FY25, sales volume saw a 200 per cent year-on-year increase, helping Montra Electric capture a 16 per cent market share in the southern region. Expansion into northern, central and eastern markets also yielded over 5 per cent market share, reaching the No. 3 position in select geographies.
COMPETITIVE EDGE
The electric three-wheeler segment has witnessed heightened competition due to a broader shift from internal combustion engine (ICE) and other fuel-based vehicles to electric alternatives. In response, TI Clean Mobility is leveraging a clearly articulated product roadmap to maintain growth momentum. Its flagship offering. features one of the longest ranges among battery-powered three-wheelers currently available, and the company is working to expand this lineup with new variants featuring alternative battery pack options.
“Our electric 3W currently boasts of 10.2 kilowatt-hours, which sets us apart—alongside one competitor. However, we’ve observed that the market has a lot of products with lower battery capacities. To remain competitive, we plan to introduce these as additional variants, which will provide us with more pricing flexibility,” said Jalaj Gupta, Managing Director, TI Clean Mobility Ltd.
“When we first launched, our product featured unique best-in-class attributes. Some competitors have caught up but to regain our competitive edge, we will soon be releasing a refreshed version of our three-wheeler passenger variant, which we believe will once again set us apart,” he said; “Despite these market shifts, one thing remains unchanged: our premium positioning. Customers continue to recognise the value of our product and are willing to pay a premium.”
FORAY INTO SMALL AND LIGHT COMMERCIAL VEHICLES
In FY25, the company launched two new electric three-wheelers, SuperCargo (L5N) and Superick (L3). New models featuring rapid 15-minute charging capabilities are also in the pipeline. As of 31 March 2025, the company had 85 dealers for its electric three-wheeler business and aims to increase this number to 120 during the current fiscal backed by roadside assistance, spare part availability and the Super Care customer satisfaction programme.
Through its subsidiary TIVOLT Electric Vehicles Pvt Ltd, the company has entered the electric small commercial vehicle and light
commercial vehicle space with the launch of Eviator 350, which debuted at the Bharat Mobility Global Expo 2025. Deliveries began in Q4 FY25, and manufacturing is ramping up at its Ponneri plant near Chennai, supported by investments in tooling, cabin welding, and painting infrastructure. TICMPL aims to establish 25 dealerships for this vertical in FY26.
E-TRACTOR ROLLOUT
TICMPL launched the E27 e-tractor in January 2025, aimed at haulage and dryland agricultural applications. Early feedback indicates productivity gains and lower operational costs compared to ICE tractors. Customers have also expressed interest in fast-charging options,
which TICMPL is working on. The company plans to grow its e-tractor dealership network to 25 outlets, up from the current 4, and is scaling production at its Chembarambakkam facility.
CHARGE AHEAD IN ELECTRIC HCVS
Another TICMPL subsidiary, IPLTech Electric Pvt Ltd, is at the forefront of India’s electric heavy commercial vehicle space. With clients in the cement, steel, and earthmoving sectors, IPLTech is producing electric trucks at its Manesar facility and is developing new variants like 4×2 trailers. The company is also developing high-speed charging and battery swapping, with India’s first heavy vehicle
swapping station set to launch in this fiscal Currently, IPLTech follows a direct selling model with plans to pilot a service dealer partnership in the near future. TICMPL is making focused efforts to indigenise key EV components, particularly microcontrollers. “We’re progressing toward in-house microcontroller capability, which will put us among the few EV makers in India with
such vertical integration,” said Gupta. As part of the group’s broader EV strategy, TI Clean Mobility aims to emerge among the top three players in each segment it operates.