Murugappa Group's Montra Electric targets $1bn revenue by 2030
Murugappa Group is going all in on electric vehicles, aiming for $1 billion in revenue by 2030 through its Montra Electric brand (part of TI Clean Mobility).
A big move toward this target: they've just opened a battery plant in Manesar, Haryana, which should help them rely less on Chinese battery imports for their electric trucks.
Montra's journey so far
Since entering the EV scene in 2022, Montra Electric has rolled out everything from e-three-wheelers to trucks and tractors.
Since inception in 2022, they've sold over 10,000 three-wheelers and 350 trucks.
TI Clean Mobility reported revenue of ₹550 crore and a loss of ₹1,116 crore in FY25, the group is sticking with its plan to build tech like microcontrollers and batteries in-house—with support from partners like SBI and Multiples Private Equity Fund.