Indian conglomerate Murugappa will soon enter the electric three-wheeler (e3W) space. The company has plans to launch an e3W named Montra Electric 3W in India.
The news of conglomerate Murugappa foraying into the e3W space comes at a time when the segment is witnessing an increasing adoption rate in the country. As a matter of fact, e3W has become the poster boy for electric vehicle (EV) adoption in India.
The upcoming Montra-Electric 3W has been designed and engineered at TI Clean Mobility in Chennai. Murugappa claims its upcoming e3W will have industry-first features and a clutter-breaking design. Teaser images of Montra-Electric 3W unveil a futuristic design. However, neither the pricing nor the segment (cargo or passenger) has been unveiled by the company yet.
Today, the Murugappa Group is an INR 547 billion conglomerate. It is present in agriculture, engineering, financial services, travel, and solar space. Electric vehicles will be the newest vertical for the group in India. It is also not clear whether the company will launch the Montra-Electric 3W only in India or in international markets as well.
The e3W segment occupied more than 56% share of the total three-wheelers market in India in May 2022.