Montra Electric, the Murugappa Group company focused on electric commercial vehicles, expects electric trucks to generate nearly 70 percent of its targeted $1 billion (around ₹9,600 crore) revenue by 2030. Managing director Jalaj Gupta said the company will include both heavy and light electric trucks in this revenue mix.
Furthermore, heavy trucks alone could contribute around half of the company’s targeted turnover. Small commercial vehicles in the 2.0- to 3.5-tonne category could account for another 23-25 percent, while three-wheelers could contribute around 20 percent. Tractors, meanwhile, could generate another 7-10 percent of the revenue.
Despite the current penetration of electric trucks in the heavy commercial vehicle segment remaining below 1 percent, Montra Electric expects the market to expand significantly. Limited charging infrastructure along long-haul routes continues to restrict adoption, while most electric trucks currently operate on short and predictable routes.
Meanwhile, Montra Electric manufactures electric three-wheelers, tractors, small commercial vehicles, and heavy trucks. The company currently has around 21,000 vehicles on the road and generated ₹740 crore in revenue last year.
Gupta expects higher battery capacities to address the range limitations that currently affect electric trucks. “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,” he said.
Moreover, Gupta said battery packs with capacities of around 450 kWh, which companies have showcased at industry events, could enable electric trucks to travel approximately 300 km on a single charge. This improvement could support the adoption of electric trucks across a wider range of commercial applications.
At the industry level, sales of electric N3 trucks, which have a gross vehicle weight of more than 12-55 tonnes, increased from around 850 units in the previous fiscal year to approximately 1,300 units during the first five months of the current fiscal year. Gupta attributed this growth to state EV policies, sector-specific deployments in industries such as cement and steel, and rising diesel and CNG prices.
Going forward, Gupta expects electric heavy trucks and small commercial vehicles to achieve annual growth of more than 50 percent. Consequently, Montra Electric sees strong potential for these segments to support its broader expansion and help the company move towards its $1 billion revenue target by 2030.
