Tube Investments ventures into EV market

18 Jul 2022 CW Team

Recent forays by Tube Investments into the electric mobility market include the creation of TI Clean Mobility, a new subsidiary, with an initial investment of Rs 2 billion and the purchase of Cellestial E- Mobility, a producer of electric tractors, for a controlling share of Rs 1.6 billion.

Arun Murugappan, executive chairman of Tube Investments, states that the business will initially focus on electric tractors and three-wheelers before expanding into other markets.

The company already has 40 or so distribution outlets, which it plans to expand to 100 by the end of 2022 by means of an exclusive/extensive distribution network, service network, and access to B2B channels for density rollout. While the business has set up its first EV factory with a capacity of about 75,000 three-wheelers annually at its current site in Ambattur, close to Chennai, the tractors are initially anticipated to be produced close to Bengaluru.

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