From The Economic Times · Shally Mohile · · 1m 30s
Montra Electric targets $1 billion by betting on heavy trucks
India's electric truck maker plans to triple revenue by 2030, with heavy vehicles driving most growth despite current market challenges.
In brief
India's electric truck maker plans to triple revenue by 2030, with heavy vehicles driving most growth despite current market challenges. Montra Electric expects heavy electric trucks to become its largest revenue driver by 2030, betting that improving battery technology will overcome current range and infrastructure…
Montra targets $1 billion by 2030
The Murugappa Group's electric truck maker expects to reach around 9,600 crore rupees in revenue by 2030, up from 740 crore last year.
Heavy trucks will drive growth
About 70% of revenue will come from electric trucks, with heavy vehicles alone accounting for roughly half the total, and small commercial vehicles adding another 23-25%.
Battery improvements unlock longer routes
Montra believes improving battery capacity from 250 kilowatt-hours to 450 kilowatt-hours will solve range problems, enabling trucks to travel around 300 kilometers on a single charge.
“There was a time when it all started with some 250-kilowatt batteries. Now everybody is talking of at least 350- to 400-kilowatt batteries.”
Government subsidy scheme has limits
The PM E-Drive program ties subsidies to scrapped diesel trucks, but vehicle scrapping remains voluntary, limiting the scheme's impact to only 3,400-3,500 trucks over three years.
“The linkage to the scrappage certificate...is where the challenge has been.”
Market momentum is building
Electric heavy truck sales jumped from 850 units last fiscal year to 1,300 in the first five months of this year, driven by state policies, cement and steel deployments, and rising diesel prices.
50% annual growth expected ahead
Montra forecasts more than 50% annual growth in electric heavy trucks and small commercial vehicles in coming years as the market expands.
The one thing
Montra Electric expects heavy electric trucks to become its largest revenue driver by 2030, betting that improving battery technology will overcome current range and infrastructure limits.
