Tube Investments to launch electric 3 wheeler passenger vehicles in India
Murugappa Group’s engineering company Tube Investments of India (TII) will make its entry into the electric mobility space by launching electric three-wheeler passenger vehicles by March 2022. It is gearing up for a new growth curve with a capex of ₹200-250 crore in FY22 that will be spending on electric three-wheeler vehicle projects and other expansions, and an aggressive focus on exports of bicycles. The company plans to manufacture and sell electric three-wheelers. It is working on launching its electric three-wheelers this fiscal.
“Progress continues on the electric vehicle project front. Obviously, things have been slightly delayed due to Covid. Our initial plan was to try and launch it in the fourth quarter of this financial year. We are still working towards those targets, but it might get pushed out because we have had several delays due to Covid in this last quarter,” Vellayan Subbiah, Managing Director, Tube Investments of India said.
The electric three-wheelers are growing rapidly in India and many big automobile manufacturers and startups have launched their electric vehicles and some are still in a queue to launch.
According to the reports of the Society of Manufacturers of Electric Vehicles (SMEV), the lobby body for electric vehicles, there is a 21 per cent increase in the growth of the sales of electric three-wheelers in the year 2018-19 to 630,000 as against 520,000 sold in 2017-2018. Whereas the sales of petrol, diesel and CNG-powered passenger three-wheelers increased by just 10.6 per cent to 572,400 units in 2018 when compared to 517,400 units sold in 2017-18.
Mahindra Electric has set targets of selling 10,000 electric three-wheelers each month and is in talks with the state governments and to sell it as private entities to promote the sales of eco-friendly vehicles said by the people aware of the plans.
An EV startup Etrio and Bengaluru based tech-logistics LetsTransport has partnered for inducting electric three-wheelers in its fleet. The LetsTransport has already electric vehicles in its fleet and the deployment of Etrio vehicles will strengthen the fleet. As per the partnership, the LetsTransport will deploy Etrio’s Touro brand of electric three-wheelers in its last-mile operations across the Delhi NCR, Bangalore, Hyderabad, Chennai, Mumbai and Pune.
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