Montra Electric plans to hit $1 billion in revenue by 2030, with heavy electric trucks expected to bring in about half of that, backed by bigger batteries and rising N3 truck sales.
Key points
- Montra Electric's $1 Billion Revenue Target
- How Heavy Trucks Fit Into The Plan
- Battery Tech Behind The Push
- N3 Truck Sales Are Already Climbing
- The Subsidy Problem Slowing Things Down
Montra Electric, the EV arm of the Murugappa Group, has laid out a plan to hit $1 billion — around Rs 9,600 crore — in annual revenue by 2030. That's a big jump from the Rs 740 crore the company made last financial year, and heavy electric trucks are expected to carry most of the weight in getting there.
Montra Electric's $1 Billion Revenue Target
Table of Contents
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1. Montra Electric's $1 Billion Revenue Target |
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2. How Heavy Trucks Fit Into The Plan |
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3. Battery Tech Behind The Push |
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4. N3 Truck Sales Are Already Climbing |
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5. The Subsidy Problem Slowing Things Down |
Managing Director Jalaj Gupta has said around 70% of the $1 billion target could come from electric trucks overall — both light and heavy. Broken down by segment, heavy electric trucks alone are pencilled in for close to 50% of 2030 revenue, small commercial vehicles (2 to 3.5 tonnes) for 23-25%, electric three-wheelers for around 20%, and electric tractors for the remaining 7-10%.
How Heavy Trucks Fit Into The Plan
Right now, electric trucks make up less than 1% of India's heavy commercial vehicle segment, and most of that is running on short, predictable routes — depot to city, not highway hauls. Montra sees that as room to grow rather than a wall to hit. The company already has over 21,000 vehicles on Indian roads across three-wheelers, tractors, SCVs and heavy trucks combined, and it's counting on that base — plus real-world deployments already running with large industrial customers — to prove heavy EVs can handle serious, repeat-cycle freight work, not just demos.
Battery Tech Behind The Push
Range anxiety has been the main thing holding back heavy electric trucks on longer routes, and Montra is betting on bigger batteries to fix it. The industry started out with 250 kWh packs; it's now moved to 350-400 kWh as standard, and Montra has shown 450 kWh battery packs at auto industry events that deliver a real-world range of around 300 km on a single charge. That's the kind of number that starts to make sense for logistics, cement and steel companies looking to replace diesel trucks on regional routes, not just city runs.
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N3 Truck Sales Are Already Climbing
Demand for heavier N3-category electric trucks — the 12 to 55-tonne-plus range — has picked up noticeably. Total N3 electric truck sales across the industry stood at around 850 units last financial year. In just the first five months of the current financial year, that number has already touched roughly 1,300 units. Rising diesel and CNG prices, along with EV-friendly state policies, are pushing more logistics, cement and steel companies to at least compare electric options against diesel before their next fleet order.
The Subsidy Problem Slowing Things Down
Not everything is working in the industry's favour, though. Under the government's PM E-DRIVE scheme, the subsidy on a new electric truck purchase is tied to a scrappage certificate for an old diesel truck being retired. The catch is that vehicle scrapping in India is voluntary, not mandatory, so plenty of operators simply can't produce that certificate. Gupta pointed out that only around 3,400 to 3,500 N2 and N3 vehicles have actually been scrapped over the past three years — a small number next to how many diesel trucks are still on the road. If that link between subsidy and scrappage gets simplified, it could speed up how fast fleets actually switch. For now, buyers weighing a heavy electric truck or an electric three-wheeler for last-mile work can run the numbers through the EMI calculator and should check current subsidy eligibility with their dealer before assuming it applies automatically.
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Frequently Asked Questions on Commercial Vehicles
Q1. What revenue target has Montra Electric set for 2030?
Ans. Montra Electric is targeting $1 billion, or around Rs 9,600 crore, in annual revenue by 2030.
Q2. How much of that target is expected to come from heavy electric trucks?
Ans. Heavy electric trucks are expected to contribute close to 50% of the 2030 revenue target, with electric trucks overall — light and heavy combined — making up around 70%.
Q3. What battery capacity are Montra's electric trucks moving toward?
Ans. The industry has moved from 250 kWh packs to 350-400 kWh as standard, and Montra has shown 450 kWh battery packs capable of around 300 km of real-world range on a single charge.
Q4. How fast are N3 electric truck sales growing in India?
Ans. N3 electric truck sales stood at about 850 units last financial year and had already reached roughly 1,300 units in just the first five months of the current financial year.
Q5. Why are some buyers unable to claim the PM E-DRIVE subsidy on electric trucks?
Ans. The subsidy is linked to a scrappage certificate for an old diesel truck, but since vehicle scrapping is voluntary in India, many operators are unable to meet this condition and miss out on the subsidy.