TI Clean Mobility, a subsidiary of Tube Investments of India Ltd (TII) under the Murugappa Group, has secured Rs 30 billion in funding to bolster its electric vehicle (EV) initiatives, despite facing mixed financial results in FY24.  Established in February 2022, TI Clean Mobility (TICMPL) reported a revenue of Rs 1.23 billion but incurred a substantial loss before tax amounting to Rs 980 million. Its subsidiaries, IPLTech Electric Private Ltd and TIVOLT Electric Vehicles Private Ltd, also faced financial challenges, with IPLTech reporting a loss before tax of Rs 1,06 billion, and TIVOLT recording a loss of Rs 570 million since its incorporation in July 2023.  

In contrast, Jayem Automotives Pvt Ltd, another TICMPL subsidiary acquired in August 2023, achieved a revenue of Rs 790 million and registered a profit before tax of Rs 70 million.  Looking ahead, TI Clean Mobility is set to launch several new EV models during the fiscal year. These include an electric cargo three-wheeler, an e-rickshaw, and a four-wheeled electric small commercial vehicle. The company's Montra electric passenger auto has already gained traction in the southern market, with approximately 4,000 units sold. Expansion into the northern market is currently underway.

M A M Arunachalam, Executive Chairman, TII, highlighted the company's strategic focus on expanding its product range. Electric heavy commercial trucks are in early sales stages, while tractors and small commercial vehicles are undergoing homologation and reliability testing.  Additionally, TI Clean Mobility is gearing up to introduce electric tractors with swappable batteries, initially launching in Gujarat, Maharashtra, Karnataka, and Tamil Nadu. A new manufacturing facility in Gummidipundi near Chennai will cater to electric small commercial vehicles ranging from 2T to 3.5T, with the first vehicle expected to debut in the market during the first half of the fiscal year.  

Arunachalam expressed optimism about the growth prospects in the EV sector and emphasised the completion of the Rs 30 billion fundraising as crucial for advancing TI Clean Mobility's EV ventures.  Overall, TI Clean Mobility remains committed to expanding its footprint in the sustainable transport sector, leveraging significant investments to drive innovation and meet evolving market demands.  

(Source: BusinessLine)