Chennai-based Murugappa Group-promoted Tube Investments of India (TII) is all set to expand its presence in the electric vehicles segment through a series of launches in the coming months. The launches include a three-wheeler cargo, rickshaw, tractors and four variants of electric heavy commercial vehicles (HCVs).
This electric vehicle expansion by the Rs 74,200 crore conglomerate, the makers of iconic BSA and Hercules cycles, comes months after it entered into the segment. The company at present has an L5M or passenger category three-wheeler, which has a 32 per cent market share in South India, under the Montra Electric brand and HCV under the brand name Rhino. TII is making the EV moves through its subsidiary TI Clean Mobility Private Ltd (TICMPL).
